An Analysis of Municipality Tax Effect on Housing Price A case of Esfahan (A Spatial Econometric Approach)
Economic specifications of cities on land abode influence is an asset or in some cases acts like a capital good. Effects of different effective factors on the economy of the city show itself in land and residential prices. Population changes, local and macro policies, labor market changes, etc are the most important issues which can affect the price of land and residential places in cities. In contrast, change in land and residential prices leads to change in its supply size or in building the whole land and abode markets. This paper investigates finance structures and also investigates impact of tax on the abode sector in Isfahan. In this regard, we used spatial econometric method. Which, we used as a spatial variable in order to show the effects of residential land price of an area on the residential land price of other areas. Furthermore, we combined cross sectional data and time series data to estimate our model. The data gathered from areas of Isfahan and the period of estimation is from 1377 to 1385. The results show that commercial land price, tax on building permits and tax on high rise building have statistically significant effects on residential land prices and among these, commercial land prices have the greatest effects on residential land prices. In second rank, tax on high rise building has the most effect on raising residential land prices.
Quarterly Journal of Quantitative Economics, Volume:5 Issue:1, 2008
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