The Effect of the Tax Reform Act of 1986 and Regional Economies on Apartment Values

Stanley Smith and Larry Woodward

Journal of Real Estate Research, 1996, vol. 11, issue 3, 259-275

Abstract: The theoretical effects of the Tax Reform Act of 1986 on commercial real estate have been widely written about; however, little empirical work has been done that actually measures the hypothesized effects. We find that, after controlling for general national economic conditions and regional effects, the effect of the Tax Act of 1986 was negatively related to apartment values. The magnitude of the effect was a function of the local vacancy rates and economic growth where those regions with strong economic growth and low vacancy rates were not affected, while regions with slow economic growth and high vacancy rates were strongly affected.

Date: 1996
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DOI: 10.1080/10835547.1996.12090824

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