Heterogeneity in property tax capitalization: Evidence from municipalities in Wisconsin
研究发现财产税通常降低房产价值，平均而言财产税每增加10%，房产价值下降超过0.34%。但服务成本、地方服务偏好和住房供给弹性会影响这一效应，某些地方服务（如垃圾收集）甚至能正向资本化。
Abstract This article provides evidence that higher property taxes usually decrease property value. On average, a 10% increase in property taxes decreases property value by more than 0.34%. To control for school quality and related sorting, we estimate within‐school‐district property tax impacts. The effective cost of services (driven by appraisal errors or tax code changes), preferences for local services, and the elasticity of supply of housing all play an important role in determining whether property taxes increase or decrease house prices. Locally produced and consumed municipal services such as trash collection are positively capitalized.