本文旨在探討房屋稅有效稅率對於建物價格（分離土地價格後之房價）的影響。本文研究對象鎖定台北市萬華區總層數為四或五層樓之房屋。與多數國內文獻不同的是，本文利用房屋實價登錄資料以及 2018 年房屋稅稅籍資料，兩份資料進行配對，進而得出包含稅額及房價之樣本共 1043 筆。除了透過OLS迴歸模型觀察房屋稅有效稅率及其他與房屋特性相關之解釋變數對被解釋變數—建物價格之影響外，另也透過分量迴歸(Quantile Regression)，檢視各解釋變數對於不同分量之建物價格有何不同的邊際影響。
實證結果發現，房屋稅有效稅率對建物價格有顯著負向影響，即有財產稅資本化之情形發生。由分量迴歸結果可知，房屋稅有效稅率對於0.1、0.25、0.5、0.75、0.9五個價格分量皆有顯著負向影響，然而隨著分量愈高，房屋稅有效稅率對價格的負向影響越小。

The purpose of this paper is to explore the impact of the effective tax rate on house prices (prices without land value). The research object is the houses in the Wanhua District of Taipei City with four or five floors. Different from most previous domestic literatures, this paper uses the actual selling price of house registration data and the 2018 house tax information of Taipei City, and the two data are paired. In turn, a total of 1043 samples including tax and house prices were obtained. In addition to observing the effect of effective tax rate and other explanatory variables related to housing characteristics on house prices through the OLS regression model, we examine the marginal effect of each independent variable on house prices under certain quantile through quantile regression.
The empirical results show that the effective tax rate of house tax has a significant negative effect on the house prices, that is, the capitalization of property tax occurs. According to the results of quantile regression, the effective tax rate of housing tax has a significant negative impact on the price quantiles of 0.1, 0.25, 0.5, 0.75, and 0.9. However, the higher the quantile, the smaller the negative effect of the effective tax rate on house prices.

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