Replication data for: Mansion Tax: The Effect of Transfer Taxes on the Residential Real Estate Market
Principal Investigator(s): View help for Principal Investigator(s) Wojciech Kopczuk; David Munroe
Version: View help for Version V1
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Project Citation:
Kopczuk, Wojciech, and Munroe, David. Replication data for: Mansion Tax: The Effect of Transfer Taxes on the Residential Real Estate Market. Nashville, TN: American Economic Association [publisher], 2015. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-13. https://doi.org/10.3886/E114591V1
Project Description
Summary:
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Using discontinuities in housing transaction taxes in New York and New Jersey we find robust price bunching. Incidence for transactions local to the notch falls on sellers, with no evidence of evasion. The volume of missing transactions above the notch exceeds those bunching (beyond the usual extensive-margin response), indicating incentives for buyers and sellers not to transact (market unravels). The possibility of unraveling affects interpretation and estimation of bunching. Away from the threshold, we find increased discounts and weaker relationship between listing and sale prices. Equilibrium bargaining framework highlights that taxation affects the ultimate allocation in this search market. (JEL H71, R21, R31)
Scope of Project
JEL Classification:
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H71 State and Local Taxation, Subsidies, and Revenue
R21 Urban, Rural, Regional, Real Estate, and Transportation Economics: Housing Demand
R31 Housing Supply and Markets
H71 State and Local Taxation, Subsidies, and Revenue
R21 Urban, Rural, Regional, Real Estate, and Transportation Economics: Housing Demand
R31 Housing Supply and Markets
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