我國房價明顯偏離合理範圍，本研究主要目的為透過觀察不動產持有稅之有效稅率對不動產價格的影響，為本國租稅資本化研究提供新的一份實證結果，藉此預期不動產稅率調整之政策將帶來的影響。本文利用民國108年至109年間台北市內湖區之不動產交易資料進行財產稅資本化研究。透過最小平方法發現不動產有效稅率對不動產價格具顯著負向影響，有效稅率增加1%的幅度，將使不動產價格下降0.9%，具財產稅資本化現象，值得注意的是，樣本中平均有效稅率為0.03897%，遠低於房屋稅及地價稅之名目稅率。從分量迴歸可以發現，與中間分量相比，有效稅率在最高分量下對不動產價格的負面影響較小，可能意味財產稅的調升對高所得者來說影響不大。

In recent years, real estate prices have been booming in Taiwan. The main purpose of this study is to provide a new empirical evidence for tax capitalization by investigating the impact of effective property tax rates on real estate prices, in order to expect the effect of raising property tax rate. The data utilized in this study were selected from the real estate transaction information that occurred in Nei-hu district, Taipei city, between 2019 and 2020. The empirical results of OLS show that the effective property tax rate significantly affects real estate prices. When the effective tax rate increases by 1%, real estate prices will decrease by 0.9%, which represents that property tax capitalization phenomenon is apparent. Moreover, the average effective tax rate in the sample is 0.03897%, much lower than the nominal property tax rate. According to quantile regression, compared with the median quantile, the effective tax rate has a smaller negative impact on the real estate price under the highest quantile, which means raising property tax may have little effect on high-income group.

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