본문 바로가기 주메뉴 바로가기
국회도서관 홈으로 정보검색 소장정보 검색

결과 내 검색

동의어 포함

목차보기

Title page

Contents

Abstract 2

1. Introduction 3

2. Background on the Unique Tax Policy 5

3. Theoretical Abatement Premium 7

4. Identification Strategy 9

4.1. Property Fixed-Effect Stochastic Specification 11

4.2. Localized Price Trends 12

4.3. Validating Identifying Assumptions 13

4.4. Estimation Strategy and Two-Way Fixed Effects Considerations 15

4.5. Testing for Effects on Delinquency 17

5. Data 18

5.1. Home Sales 18

5.2. Mortgage Performance 19

6. Estimates of the Initial Capitalization 21

6.1. Results 21

6.2. Estimating Capitalization 22

7. Estimates of Later Overcapitalization 23

7.1. Result 23

7.2. Mechanisms and Additional Results 24

7.3. Deductibilityy of Property Taxes 31

8. Conclusion 32

References 33

A. Appendix 37

Tables

Table 1. Abatement Statistics 6

Table 2. Transaction Data Summary 18

Table 3. Mortgage Performance Data Summary 20

Table 4. Estimated Initial Abatement Premium and Capitalization 21

Table 5. Estimated Abatement Home Price Premiums 37

Table 6. Delinquency Probit Model Coefficients 38

Figures

Figure 1. Theoretical Abatement Price Premium 8

Figure 2. High Abatement ZIP Codes 12

Figure 3. Price Trends: High vs. Low Abatement ZIP Codes 13

Figure 4. Stylized Depreciation Curves Abated vs. Unabated 14

Figure 5. Post-Expiration Parallel Trends Test 15

Figure 6. Estimated vs. Theoretical Abatement Price Premiums 23

Figure 7. Sample Listings For Abated Properties Age 6-10 25

Figure 8. 30+ Day Delinquency Rate by Abatement Status and Property Age 26

Figure 9. Abatement Effect on Delinquency 27

Figure 10. Price Change Distribution For Abated and Unabated Properties 29

Figure 11. Probability of Sale by Age For Abated and Unabated Properties 30

Figure 12. Abatement Premiums Before and After the TCJA 32

Figure 13. Peer City Controls 39

Figure 14. Adjacent ZIP Code Controls 40

Figure 15. Row Homes Only 41

Figure 16. Abated Properties Built 2000-2007 42

Figure 17. Tract×Year Fixed Effects 43

Figure 18. Repeat Sales Regression 44