Research On The Impact Of Real Estate Tax On Housing Prices

With the reform of the housing system started in 1998,the real estate market in China has entered a period of rapid development.The prosperity of the real estate market also has a series of problems:high prices beyond the purchasing power of residents.In order to suppress the rapid growth of housing prices,our government has adopted a variety of policies and measures.The tax policy of real estate plays an important role in guiding the rational allocation of real estate resources and improving the revenue of local governments From the two aspects of theoretical analysis and empirical analysis,this paper studies the impact of the tax of real estate on housing prices,and provides the government some advices how to control housing prices better.First,I clarify the basic concept and historical development of the tax of real estate,and analyze the theory of tax destination under partial equilibrium conditions,and draw the conclusion that the real estate tax will ultimately be borne by consumers.Then I build the theoretical model of the effect of the tax of real estate on house price,it shows that the real estate tax has a certain inhibitory effect on the house price.Second,using the national provincial panel data from 2003 to 2015 three panel models were established,including the mixed regression model,the fixed effect model and the random effect model.Using stationary test,LSDV method,Hausman test and other methods,the fixed effect model was the best model.Finally,the following conclusions are drawn.From a nationwide perspective,the tax of real estate has a significant inhibitory effect on housing prices,but it has little influence on other factors,such as population,income,expectation and M2.From the perspective of sub area,real estate tax in eastern,central and western regions has a significant inhibitory effect on housing prices,but there are differences between regions.The eastern part has the largest inhibitory effect,followed by the western part and the central part is the weakest.To see whether it is divided into tax links,trade links or a part of the real estate tax has significant effects on prices,inhibition of transactions than the holding part;the effect of the different regional tax aspects are different,but the general trend and the national situation.