本文旨在探討不動產有效稅率(合併房屋稅與地價稅之實質持有稅負)對於不動產市場價格之影響，並評估現行持有稅制之實質公平性。研究對象鎖定臺灣六個直轄市於105年至110年間成交之透天住宅。與多數國內文獻不同的是，本文突破過去資料限制，利用財政部財政資訊中心之房地合一稅所得檔、房屋稅課稅主檔及地價稅徵收主檔等去識別化微觀稅務大數據進行精準串聯，進而得出包含真實交易市價與實質稅額之完整樣本共14,601筆。
透過最小平方法迴歸以觀察有效稅率對市價的平均邊際影響，並透過交乘項迴歸探討不同直轄市間的區域異質性外，另也透過分量迴歸，檢視有效稅率對於不同市價分位之透天住宅有何非對稱性的邊際影響。
實證結果發現，不動產有效稅率對透天住宅市價具有高度顯著的負向影響。在控制建物特徵與區位特徵下，有效稅率每提升1個百分點，六都透天住宅之市價平均將顯著下跌約3.46%。在區域異質性方面，各直轄市與有效稅率之交乘項皆未達統計顯著水準，顯示六都市場參與者對持有稅變動的敏感度具有高度同質性。由分量迴歸結果可知，有效稅率對價格之抑制效果隨市價分位上升而顯著遞減。此外，本研究亦證實評定現值與市價脫鉤之僵固性，將導致高資產樣本的實質稅基隨房價上漲而被動稀釋，進一步強化了稅制的實質累退性。

This study examines how the effective property tax rate (combining house and land taxes) affects market prices and tax fairness, analyzing 14,601 townhouse transactions in Taiwan's six special municipalities from 2016 to 2021. Utilizing linked micro-level tax big data from the Ministry of Finance, we employ OLS, interaction term, and quantile regressions to analyze average, regional, and across-quantile effects.
The results reveal a significant negative capitalization effect: a 1-percentage point increase in the effective tax rate lowers townhouse prices by approximately 3.46%. While this impact is highly homogenous across all six municipalities, quantile regression shows that the suppression effect diminishes sharply as property values rise. This highlights a distinct substantive regressivity in Taiwan's property tax system, driven by rigid valuation baselines that decouple from market trends and passively dilute the tax burden on high-asset properties.

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