An Empirical Study Of The Impact Of Real Estate Tax On Housing Price Under The Condition Of Financial Development Heterogeneity

With the continuous advancement of the market-oriented reform of China's housing system,the real estate industry across the country has entered a rapid development track,which has brought about a continuous rise in housing prices in the real estate market.To this end,the government has introduced a number of policies to regulate the real estate market.In2011,Shanghai and Chongqing piloted the introduction of personal property tax,which opened the prelude to taxation in China's housing holdings.The purpose of the personal property tax policy is to regulate the regional real estate market.However,as the degree of financialization of the real estate market continues to deepen,the financial development status has become an important factor affecting housing prices.Therefore,the heterogeneity of regional financial development will also lead to property tax.The effect of policies on housing prices is different.Therefore,in the study of the effect of property tax on housing prices,the impact of regional financial development heterogeneity should be fully considered.Therefore,it is urgent for us to use more scientific and reasonable methods for theoretical exploration and empirical research,so as to provide empirical support and empirical evidence for the future levy of individual property tax in a wider scope.This paper firstly analyzes the mechanism of the real estate tax and housing price from the perspective of supply demand,tax burden transfer and “holding cost” and the mechanism of the impact of real estate tax on housing price under the condition of financial development heterogeneity.It also explains the current situation of financial development level,real estate tax implementation rules and regional housing prices in Shanghai and Chongqing.Secondly,the double-difference model regression analysis of the whole sample in Shanghai and Chongqing is carried out to test whether the pilot policy of real estate tax in China has a significant impact on regional housing prices;then group according to financial development indicators and carry out regression in different groups.In order to examine the impact of regional financial development heterogeneity on the estimation of the effect of property tax policy treatment;and to verify the robustness and effectiveness of the estimation results,acomprehensive trend of common trend test,falsification test and placebo test is adopted.Sex test method.The research results show that the property tax policy has a significant inhibitory effect on the housing price of the region,and the effect of the property tax policy on the housing price under the condition of financial development heterogeneity has a significant“offset effect”.Finally,draw the conclusions of the full text and propose targeted policy recommendations for the future innovation of the property tax policy and the implementation of the nationwide.