Property Tax Delinquency and Its Spillover Effects on Nearby Properties
Property Tax Delinquency and Its Spillover Effects on Nearby Properties
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房产税拖欠及其对附近房产的溢出效应
DOI：
10.2139/ssrn.2507049
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发表时间：
2014
期刊：
影响因子：
--
通讯作者：
Joshua J. Miller
中科院分区：
文献类型：
--
作者：
J. Alm;Zackary B. Hawley;Jin Man Lee;Joshua J. Miller
本文研究了拖欠房产税对附近住宅物业销售价格的影响，我们将这种影响称为“拖欠折扣”。我们使用伊利诺伊州芝加哥市 2010 年至 2013 年期间 34,500 套房屋销售和拖欠房产人口的样本。我们重点关注同一人口普查区内房产的拖欠折扣。我们还研究了拖欠期限对邻近房产的影响，因为这可以衡量其财务困境的程度。我们使用几种替代估计方法来估计拖欠折扣的幅度，在每种情况下都控制当地的止赎活动。我们的首选方法是匹配估计器，因为它可以消除此类估计中常见的遗漏变量偏差的可能性。我们发现，地方政府对其设置了税收留置权并将留置权出售给私人投资者，拖欠房产会产生巨大的、负面的、具有统计意义的影响。对于未成功出售的具有税收留置权的房产，我们估计对周边房产的负面溢出效应为 5.1%（12,872 美元）。出售给私人投资者的具有税收留置权的房产对周围房产价值的影响较小，但仍为 2.5%（6310 美元）。
This paper investigates the impact of property tax delinquency on the sales price of nearby residential properties, an effect that we call the “delinquency discount”. We use a sample of 34,500 home sales and the population of delinquent properties for Chicago, Illinois during the period 2010 to 2013. We focus on the delinquency discount for properties within the same Census Block. We also examine the effect of delinquency duration on neighboring properties, as this measures the level of their financial distress. We estimate the magnitude of the delinquency discount using several alternative estimation methods, in each case controlling for local foreclosure activity. Our preferred method is a matching estimator, as it works to eliminate the potential for omitted variable bias that is common in this type of estimation. We find large, negative, and statistically meaningful effects of delinquent properties for which the local government has placed a tax lien and has put the lien up for sale to private investors. For properties with a tax lien that are not successfully sold, we estimate a negative spillover of 5.1% ($12,872) on surrounding properties. Properties with a tax lien that are sold to private investors have a smaller, but still negative impact on surrounding property values of 2.5% ($6310).
影响因子：
8.2
作者：
ROSEN, S
通讯作者：
ROSEN, S