scholarly journals Analysis of recent property price developments and implications for Local Property Tax liabilities and revenue yield

2016 ◽  
Vol 64 (1) ◽  
pp. 29-60
Author(s):  
Brendan O’Connor ◽  
Donal Lynch
Keyword(s):  
Transition Matrix ◽  
Property Tax ◽  
Property Values ◽  
Local Property ◽  
Residential Property ◽  
Self Assessment ◽  
Property Prices ◽  
Residential Properties ◽  
Property Price ◽  
Price Growth

Abstract The introduction of the Local Property Tax (LPT) in 2013 marked a significant reform to tax policy in Ireland. Initial liabilities for LPT were determined by self-assessment into bands of property values as of May 2013, and the first revaluation was initially scheduled for November 2016. Reflecting the significant residential property price growth which has occurred since the initial valuation date, this paper estimates the implications for LPT liabilities of a hypothetical revaluation at May 2015 property prices. Drawing on a range of data sources, the authors use a transition matrix approach to illustrate the likely changes in LPT valuation bands and liabilities for residential properties. Revaluation is estimated to significantly increase tax liabilities for some taxpayers, with properties in higher valuation bands in May 2013 incurring larger increases in liability. The analysis also indicates substantial regional variation in band changes, with the largest band movements mainly occurring in Dublin.

scholarly journals Macroeconomic and Demographic Determinants of Residential Property Prices in Malaysia

2018 ◽  
Vol 21 (2) ◽  
pp. 71-96 ◽  
Author(s):  
Ivan D. Trofimov ◽  
Nazaria Md. Aris ◽  
Dickson C. D. Xuan
Keyword(s):  
Affordable Housing ◽  
Household Income ◽  
Urban Areas ◽  
Housing Demand ◽  
Residential Property ◽  
Property Prices ◽  
Consumer Prices ◽  
Property Price ◽  
Price Growth ◽  
Causality Tests

Abstract This paper studies the relationship between residential property prices and macroeconomic and demographic determinants in Malaysia. In the years following the Asian financial crisis, property prices in Malaysia rose substantially, resulting in an affordability crisis and ultimately policy responses to the problem. Using unit root, Johansen-Juselius cointegration, VECM-based Granger causality tests and variance decomposition, and considering quarterly data that covers 2000-2015 period, we established that residential property price growth is principally driven by strong demographic performance and population growth and is backed by the low interest rate environment and rising consumer prices. Household income and level of GDP do not appear to contribute to property price growth. Certain distortions and asymmetries in the Malaysian real estate markets are documented: oversupply in the higher price segment of the market coupled with the lack of affordable housing in the lower price segment; household income growth lagging behind GDP and property price growth, thereby dampening housing demand; growing rental markets in major urban areas as a result of the affordability crisis; and a quality mismatch between buyers’ preferences and housing supply.

scholarly journals Pengaruh KPR terhadap Keterjangkauan Harga Properti Residensial

2019 ◽  
Vol 3 (3) ◽  
pp. 182-197
Author(s):  
Pihri Buhaerah
Keyword(s):  
Public Housing ◽  
Residential Property ◽  
Research Approach ◽  
Ardl Model ◽  
Distributed Lag ◽  
Autoregressive Distributed Lag ◽  
Property Prices ◽  
Property Price ◽  
Price Growth ◽  
Bank For International Settlements

AbstractThis paper describes and examines the linkage of house mortgages on residential property price growth in Indonesia by using qualitative and quantitative research methods. The qualitative research approach is used to elaborate descriptively the role of house mortgages on residential property prices. To strengthen it, this study then employs one of time series regression analyses namely autoregressive distributed lag (ARDL) model for the period of 2002Q1-2017Q4. To achieve the objective of this study, data was collected from secondary sources such as Bank for International Settlements (BIS), Bank Indonesia (BI), and Central Statistics Agency (BPS). The qualitative approach shows that under lack of land banking and public housing zones, the expansion of house mortgages affect positively residential property prices both for private and public housing.  The argument has been confirmed from regression analysis by using the ARDL model. The estimation results using the ARDL model show that there is a positive and significant relationship between house mortgage on residential property price growth both in the long-run and in the short-run.  Keywords: house mortgage, property residential prices, land, ARDL modelJEL Classification: C22, E51, G21  AbstrakStudi ini membahas secara deskriptif dan empiris peran pembiayaan pemilikan rumah terhadap harga properti residensial di Indonesia dengan menggunakan metode penelitian kualitatif dan kuantitatif. Pendekatan kualitatif digunakan untuk menggambarkan secara deskriptif peran pembiyaan pemilikan rumah terhadap harga properti residensial. Selanjutnya, untuk memperkuat argument tersebut, studi ini kemudian melibatkan salah satu teknik analisis regresi data runtun waktu yaitu model autoregressive distributed lag (ARDL) untuk periode 2002Q1-2017Q4. Untuk mencapai tujuan penelitian, data dikumpulkan dari beragam sumber data sekunder seperti Bank for International Settlements (BIS), Bank Indonesia (BI), dan Badan Pusat Statistik (BPS). Hasilnya, dengan menggunakan pendekatan kualitatif menunjukkan bahwa tanpa pelembagaan bank tanah dan zonasi khusus perumahan rakyat, skema pembiayaan kepemilikan rumah hanya akan melambungkan harga properti residensial. Argumen ini juga terkonfirmasi dari analisis regresi dengan menggunakan model ARDL. Hasil estimasi dengan menggunakan model ARDL menunjukkan bahwa terdapat hubungan jangka panjang antara kredit kepemilikan rumah dengan harga property residensial baik untuk jangka pendek maupun jangka panjang.  Kata Kunci: Kredit pemilikan rumah, harga properti residensial, tanah, model ARDLJEL Classification: C22, E51, G21 

scholarly journals The Effect of HOPSCA on Residential Property Values: Exploratory Findings from Wuhan, China

2019 ◽  
Vol 11 (2) ◽  
pp. 471 ◽  
Author(s):  
Zhijiao Qin ◽  
Yan Yu ◽  
Dianfeng Liu
Keyword(s):  
Real Estate ◽  
Property Values ◽  
Development Project ◽  
Urban Life ◽  
Residential Property ◽  
Mixed Use ◽  
Residential Properties ◽  
Quality Of Urban Life ◽  
Residential Property Values

Mixed-use development is theoretically considered to enhance the residential value of an area. However, limited empirical research has focused on European and North American cities. HOPSCA is a real estate project that integrates hotels, offices, parks, shopping malls, conference centers, and apartments. As an important mixed-use development project in Chinese cities, HOPSCA is designed to improve the quality of urban life and to enhance the residential value of an area. Few studies have explicitly examined the effect of HOPSCA on residential property values, let alone linked this question to particular types of HOPSCA. To bridge this research gap, we selected Wuhan City in China as a case study to explore the effects of HOPSCA on residential property values. Specifically, we used the potential model to quantify the effects of HOPSCA and used the geographically weighted regression (GWR) method to estimate the relationship between HOPSCA variables and residential property values. The results are as follows: (1) the effects of HOPSCA on residential property values are statistically significant with positive and negative effects. The balanced-development HOPSCA generated the greatest effects, with the highest premium of 10.76% placed on residential properties. Moderate price premiums of 3.57% and 1.83% were generated under the influence of the commerce-oriented HOPSCA and housing-oriented HOPSCA, respectively. By contrast, the business-oriented HOPSCA exerted a negative effect on residential property (−2.43%). (2) Significant spatial heterogeneity exists on the effect of HOPSCA on residential property values. The results showed that the influence of different types of HOPSCA, viz. the higher the compatibility between the HOPSCA type and the socioeconomic context of Wuhan, the higher the premium captured by residential properties within the city areas. HOPSCA benefits the improvement of the quality of urban life, which promotes urban development. For policy makers and real estate developers, our findings suggest that matching the development types and the spatial layouts of HOPSCA with the regional socioeconomic contexts is critical for enhancing the value performance of such projects.

scholarly journals Empirical Analysis of Factors Influencing Residential Property Prices in Malaysia

2018 ◽  
Vol 1 (1) ◽  
Author(s):  
Nazaria Md Aris
Keyword(s):  
Consumer Price Index ◽  
Residential Property ◽  
Causality Test ◽  
Vector Error Correction ◽  
Factors Influencing ◽  
Property Prices ◽  
Augmented Dickey Fuller ◽  
Residential Properties ◽  
One Year ◽  
Year 2000

This study concerns the factors influencing the prices for residential properties in Malaysia as well as their relationship towards residential property prices. The data collected and analysed in this research is from quarter one year 2000 to quarter four year 2015. Various determinants have been identified namely country population, Gross Domestic Product, household income, inflation and lending rates in this research. The time-series analysis methodologies adopted in this research are the Augmented Dickey-Fuller (ADF) and Philip-Perron (PP) test for unit root, Johansen and Juselius Cointegration Test, Granger Causality Test for Vector Error Correction Model (VECM) and also Variance Decomposition (VDC).  In this study, these two variables, population growth (POPGROWTH) and inflation measured by the consumer price index (CPI) were found has a significant and positive effect towards the price of residential properties in Malaysia.

scholarly journals THE INFLUENCE OF GDP, INTEREST RATE, WAGE, INFLATION AND EXCHANGE RATE ON RESIDENTIAL PROPERTY PRICE IN INDONESIA

2019 ◽  
Vol 17 (9) ◽  
Author(s):  
Badrud Duja ◽  
Heri Supriyanto
Keyword(s):  
Economic Growth ◽  
Exchange Rate ◽  
Interest Rate ◽  
Interest Rates ◽  
Residential Property ◽  
Property Prices ◽  
The Us ◽  
Property Price ◽  
Us Dollar ◽  
The Government

Over the past years, Indonesia’s economic growth has been recorded among the top developing countries. The economic growth is believed to contribute to the increase on residential property prices. The main objective of this study is to analyse the influence of determinants of residential property prices in Indonesia by examining the dynamic relationships of residential property prices reflected through the Residential Property Price Index (RPPI) with Gross Domestic Product (GDP), investment interest rates, wages, inflation and the exchange rate against the US dollar using secondary data over a period of thirteen-years between 2002Q1 and 2014Q4. By applying the Engle-Granger co-integration testand the error correction model, this research aims to see the relationship between the variables both in the short- and long-term. The results of the study indicated that macroeconomic factors that were significantly related to Indonesian residential property prices were GDP, wages, inflation, and exchange rates against the US dollar, while the investment interest rate was not included in these factors. Furthermore, based on the results of the regression analysis on research data, government policy in setting minimum wage standards has the greatest impact on residential property prices in the property sector in Indonesia. Thus, the results of this research are expected to provide the government with better viewpoints that will assist them in enacting better policies in the residential property sector.

Unbundling negative and positive externalities of nature in cities: The influence of wild animals on housing prices

Urban Studies ◽  
2018 ◽  
Vol 56 (13) ◽  
pp. 2820-2836 ◽  
Author(s):  
Dani Broitman ◽  
Vladimir Griskin ◽  
Daniel Czamanski
Keyword(s):  
Housing Prices ◽  
Property Values ◽  
Green Spaces ◽  
Residential Property ◽  
Wild Animals ◽  
Negative Externalities ◽  
Property Prices ◽  
Positive Externalities ◽  
Statistical Relationships ◽  
The City

Proximity to nature is highly valued by urbanites, who demonstrate higher willingness to pay for housing at locations near open and green spaces. However, nature in cities can generate negative externalities as well. In this article, we illustrate the complex relationship between cities and nature and suggest that their balance is time and location specific. The article presents estimates of positive and negative externalities based on data about encounters of humans with wild animals in the city of Haifa, Israel, and residential property values nearby. The data were analysed to uncover spatial regularities and basic statistical relationships. The results reveal the presence of dominant positive externalities when the human–wild animals interaction is low, driven by proximity to open and green areas. However, in certain areas and under certain circumstances, the nuisance generated by higher probabilities of encounters with wild animals near dwelling areas is correlated with lower property prices, overcoming the positive externalities of location near natural areas.

探討土地增值稅與房地合一所得稅之稅額計算立法

2020 ◽  
Vol 20 (20) ◽  
pp. 123-159
Author(s):  
林俊宏 林俊宏 ◽  
陳雪貞 Jim Lin
Keyword(s):  
Property Tax ◽  
Land Value ◽  
Real Property ◽  
The Real ◽  
The Past ◽  
Property Prices ◽  
The Social ◽  
Property Price ◽  
The Government ◽  
Standard Calculation

鑒於近年來房地價格異常上漲，逐步造成房地持有人與租戶間貧富差距拉大，因過往稅制對房地上漲的利潤只課徵偏低的稅負，加速了社會對房地投機的心態，並使房地產價格居高不下，政府為抑制房價快速飆漲，進而修正稅制而實行房地合一所得稅制度，期盼此一制度能有利房價回歸至合理價位。修正前我國房地出售時，土地應課徵土地增值稅，房屋應併入課徵所得稅，理論上，土地增值屬財產交易所得之一種（機會稅），應課徵所得稅。但因為我國已將土地之增值部分課徵土地增值稅，故不再課徵綜合所得稅，因此土地增值稅與綜合所得稅乃採分離課稅的形式。然而分離課稅不能正確衡量納稅義務人之納稅能力，基於漲價歸公的理念，新制房地合一所得稅希藉以補足原土地增值稅未核課部分來抑制房價，但新制實施至今仍有許多未盡之處仍有待討論，因此本文特別針對土地增值稅與房地合一所得稅在課徵範圍、課徵稅率、土地現值計徵標準、稅額計算之優惠及扣除項目等加以比較研究，並提出本文看法。Due to the unusual increase of real property prices in the recent years, the wealth gap between the property holders and the tenants has gradually widened. In the past, the government merely imposed the lower property tax on the rising property profits, so that it has accelerated the social speculation on premises and let the real property prices remain high. For balancing the rapid rise in real property prices, the government had adjusted the property tax and implement the “Integrated Housing and Land Tax” in order to guide the real property price into a reasonable price. Before the implementation of the new tax on per real property transaction, the land should be subject to the old “Land Value Increment Tax,” and the house should be calculated into the income tax. However, the old separately calculation measures on real property tax cannot reflect the taxpayer’s taxability. Based on the idea of confiscating the land profit increase, the new tax has been used to supplement the untaxed part of the old tax to curb the real property prices. However, there are still some imperfect parts on the new tax, this article thus hopes to specifically address and compare the scope, rate, quotation standard, calculation discount and the deduction items between the new “Integrated Housing and Land Tax” and the old “Land Value Increment Tax.”

Transport infrastructure, accessibility and residential property values: evidence from Hong Kong

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Jayantha Wadu Mesthrige ◽  
Tayyab Maqsood
Keyword(s):  
Hong Kong ◽  
Fixed Effects ◽  
Property Values ◽  
Transport Infrastructure ◽  
Residential Property ◽  
Fixed Effects Model ◽  
Data Set ◽  
Content Type ◽  
Residential Properties ◽  
Residential Property Values

PurposeHong Kong, like many other developed cities and countries, invests heavily in transport development. This study investigates whether the speculative benefits of future improvements in accessibility, brought about by impending transport development, will be capitalized into nearby residential property values even prior to the opening of the development.Design/methodology/approachDeviating from the standard hedonic price approach, the present study employed a fixed-effects model with a large data set of residential property transactions in the vicinity of three-stations situated along a newly proposed mass-transit-railway line in Hong Kong.FindingsThe results suggest that the values of residential properties close to stations do reflect the accessibility enhancements to be brought about by transport improvements even before the opening of the line. Results revealed a 6.5% of property value premium after the announcement of construction; and higher up to 6.7% after the operation of the line. This indicates that forthcoming new transport-infrastructure development produces changes in spatial price-gradients for neighbouring residential properties. Findings indicate that potential buyers/investors recognized the positive benefits of the planned transportation development, even before completion of the project, and are ready to pay a premium for those properties close to railway stations, representing clear evidence that residential property prices/values, near stations, reflect anticipated accessibility enhancements brought about by transport improvements.Originality/valueThis study, using a novel approach – a fixed-effects model to capture the speculative benefits of future improvements in transport infrastructure – provides a positive hypothesis that expected benefits of future improvements in accessibility are capitalized into property values.

scholarly journals Evidence on the Amenity Value of Wetlands in a Rural Setting

2005 ◽  
Vol 37 (3) ◽  
pp. 589-602 ◽  
Author(s):  
Okmyung Bin ◽  
Stephen Polasky
Keyword(s):  
Urban Areas ◽  
Property Values ◽  
Rural Setting ◽  
Residential Property ◽  
Amenity Value ◽  
Property Price ◽  
Extensive Property ◽  
Hedonic Property ◽  
Wetland Inventory ◽  
Residential Property Values

This study uses a hedonic property price method to estimate how wetlands affect residential property values in a rural area. The study utilizes wetland inventory data coupled with extensive property sales records between January 2000 and September 2004 from Carteret County, NC. Our results indicate that i) a higher wetland percentage within a quarter mile of a property, ii) closer proximity to the nearest wetland, and iii) larger size of the nearest wetland are associated with lower residential property values. These results contrast with previous hedonic studies that use data from urban areas, which found positive associations between wetlands and property values. The amenity value of wetlands appears to depend at least as much on the characteristics of the area being considered as it does on the characteristics of the wetlands.

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