Taxes and Subsidies

Sock-Yong Phang

Chapter 4 in Housing Finance Systems, 2013, pp 45-54 from Palgrave Macmillan

Abstract: Abstract This chapter reviews the use of taxes and subsidies as instruments of housing policy as these are the most commonly utilized instruments that operate through markets. The housing sector is affected by a large variety of taxes and subsidies. Other than direct taxes and subsidies, in many developed countries, subsidies are funded through tax relief in the form of exemptions, deductions and credits (collectively known as tax expenditures). These provisions vary greatly across countries, depending on government policy objectives with regard to housing. These objectives include (i) support for low-income households; (ii) support for homeownership; (iii) housing supply and investment incentives that are tenure neutral or favor either renting or owning; (iv) raising revenue for local governments, (v) reducing housing wealth inequalities; and (vi) ensuring less-volatile house prices.

Keywords: Capital Gain; Mortgage Interest; Mortgage Payment; Impute Rent; Realize Capital Gain (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-01403-0_4

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DOI: 10.1057/9781137014030_4

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