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The Real Estate Transfer Tax and Spatial Mobility in Germany

出版	SSRN, 2023
URL	http://books.google.com.hk/books?id=5AE30AEACAAJ&hl=&source=gbs_api

註釋This paper studies the effects of multiple increases of the German Real Estate Transfer Tax (RETT) on spatial mobility decisions both on the aggregate and individual level. We look at RETT hikes introduced by a federal reform in 2006 and exploit the staggered introduction of these hikes and the different levels of the tax across the 16 federal states of Germany. We explore the relationship between the RETT and mobility decisions in two steps. First, we utilize municipality-level data to estimate the effect of RETT increases on moves into municipalities bordering municipalities without increases. These spatial regression discontinuity (RD) estimations point to an overall negative tax effect. As a second step, we use longitudinal individual-level data from the German Socio-Economic Panel (SOEP) to evaluate the RETT's impact on moving probabilities and tenure choices of homeowners and tenants. Our competing risks hazard models show that tax hikes mainly impact moves within ownership, while moves from renting to owning are unaffected. The main upshot of our empirical analysis is that the RETT distorts mobility decisions which in turn has implications for labor markets and economic welfare.