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A Bad Bunch: Asset Value Under-Reporting in the Mumbai Real Estate Market

Santosh Anagol, Vimal Balasubramaniam, Tarun Ramadorai, and Antoine Uettwiller
This report, by Santosh Anagol, discusses a new method to estimate under-reporting, and employs it on large and granular administrative data from the Mumbai real estate market. 
February 10, 2023

Do Appraiser and Borrower Race Affect Valuation?

Edward Coulson, Brent W. Ambrose, James N. Conklin, Moussa Diop, and Luis A. Lopez
This report, by Edward Coulson, examines the incidence of racial bias in property appraisals using a nationwide sample of refinanced mortgages from 2000 to 2007.
January 27, 2023

Property Tax-Induced Mobility and Redistribution: Evidence from Mass Reappraisals

Rebecca Fraenkel
This report, by Rebecca Fraenkel, investigates the effect of property tax changes on individual homeowner mobility and voted tax rates using a panel of individual assessment and sales records in Ohio.
December 16, 2022

Real-Estate Investors, House Prices and Rents: Evidence from Capital-Gains Tax Changes

Yael Elster, Itai Ater, and Eran B. Hoffman
This report, by Yael Elster, studies the dual role of real-estate investors, households who own multiple housing units, in ownership and rental housing markets.
December 2, 2022

The Role of Property Tax in California's Housing Crisis

Paul J. Fisher
This report, by Paul J. Fisher, leverages differential exposure to the Proposition 13 tax laws to understand the impact of this policy on the production of housing in Southern California.
November 18, 2022

How Do Households Value the Future? Evidence from Property Taxes

Hans R.A. Koster and Edward W. Pinchbeck
This report, by Hans Koster, discusses the rate at which individuals trade present and future costs and benefits by estimating discount rates from extensive data on housing transactions and spatiotemporal variation in property taxes in England.
November 4, 2022

Appraisal Overvaluation: Evidence of Price Adjustment Bias in Sales Comparisons

Yanling G. Mayer and Frank E. Nothaft
This report, by Yanling G. Mayer, delves into the underlying appraisal development to identify causes of appraisal bias.
October 21, 2022

The Effects of Fiscal Decentralization on Publicly Provided Services and Labor Market

Nicola Bianchi, Michela Giorcelli, and Enrica Maria Martino
This report, by Nicola Bianchi, studies how fiscal decentralization affects local services. It explores a 1993 reform that increased the fiscal autonomy of Italian municipalities by replacing government transfers with revenues from a local property tax and how the reform affected labor markets.
October 7, 2022

Federal Tax Deductions and the Demand for Local Public Goods

Brent W. Ambrose and Maxence Valentin
This report, by Brent W. Ambrose, provides new insights into the equity of the current tax system.
September 23, 2022

To Own or to Rent? The Effects of Transaction Taxes on Housing Markets

Lu Han, L. Rachel Ngai, and Kevin D. Sheedy
This report, by Lu Han, finds three novel effects of a higher property transaction tax: higher buy-to-rent transactions alongside lower buy-to-own transactions, despite both being taxed; lower sales-to-leases and price-to-rent ratios; and longer time-on-the-market
September 9, 2022

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Center for Policy Research
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