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作者

来源

JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS,Vol.58,Issue2,P.310-333

语言

英文

关键字

Property taxes; Land tax; Development contributions; Impact fees; Property development; IMPACT FEES

作者单位

[Gemmell, Norman] Victoria Univ Wellington, Victoria Business Sch, POB 600, Wellington 6140, New Zealand. [Grimes, Arthur] Victoria Univ Wellington, Motu Econ & Publ Policy Res, POB 24390, Wellington 6142, New Zealand. [Skidmore, Mark] Michigan State Univ, Dept Agr Food & Resource Econ, 446 W Circle Dr,Room 67,Morrill Hall Agr, E Lansing, MI 48824 USA. Grimes, A (reprint author), Victoria Univ Wellington, Motu Econ & Publ Policy Res, POB 24390, Wellington 6142, New Zealand. E-Mail: arthur.grimes@motu.org.nz

摘要

We utilise a quasi-natural experiment in local property tax reform arising from a compulsory amalgamation of several local councils in 2010 in Auckland, New Zealand, to form a unitary local authority. The reform involved changes in property taxes (known as Rates' in New Zealand) including a shift in the local tax base from land-value to capital-value in some of the former councils; changes in relative levels of Rates across former councils; and changes in levels of a separate tax (Development Contributions) levied on new building. These exogenously imposed reforms enable us to test several hypotheses related to the effects on property development of these tax switches using a difference-in-difference approach, controlling for other influences. We find support for tax effects on building alterations but no evidence of effects on new building development after amalgamation. Our dataset covers only two post-amalgamation years, and we speculate that this apparent difference may arise from greater flexibility of building alterations to respond quickly compared with new developments.