Property Tax Capitalization in a Model with Tax-Deferred Assets, Standard Deductions, and the Taxation of Nominal Interest
指出以往房产税资本化研究假设家庭列举扣除、投资应税资产且利息税按实际收入征收，但多数家庭不满足这些条件，导致模型设定错误。考虑联邦税收条款后，资本化率估计更精确，并解释了文献中估计值差异的原因。
Previous property tax capitalization studies assume that families itemize, that they save in taxable assets, and that real interest income is taxed. However, many families do not itemize, many families invest in tax-deferred assets, and nominal interest income is taxed. As a consequence, prior studies likely misspecify the property tax capitalization equation for roughly ninety percent of their samples. Taking federal tax provisions into account increases the precision of our estimated capitalization rate. In addition, our results suggest that biases in prior studies likely contribute to the variety of capitalization estimates in the literature.