Publikation: How do assessed values affect the transaction prices of homes?
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2026
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Journal of Banking & Finance. Elsevier. 2026, 184, 107610. ISSN 0378-4266. eISSN 1872-6372. Verfügbar unter: doi: 10.1016/j.jbankfin.2025.107610
Zusammenfassung
Property taxes are commonly levied as a percentage of a home’s assessed value (AV). AVs should affect home prices through opposing channels. An unexpected increase in AV implies higher tax payments, which should hurt a home’s selling price (tax channel). On the other hand, the increase should have a positive effect since AVs serve as reference prices (anchoring channel). In a quasi-experimental setting exploiting geographic variations in AV-publication dates and reassessment frequencies, we find that a higher AV leads to a lower transaction price, indicating that the tax channel prevails. Disentangling the aggregate effect, we document that empirically, the anchoring channel does not play a major role. Our results thus suggest an exacerbation of previously documented inequities caused by taxation.
Zusammenfassung in einer weiteren Sprache
Fachgebiet (DDC)
330 Wirtschaft
Schlagwörter
Assessed values, House prices, Transaction prices, Quasi-experiment, Property taxation
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FISCHER, Marcel, Patrick Andreas HAUF, Simon STEHLE, 2026. How do assessed values affect the transaction prices of homes?. In: Journal of Banking & Finance. Elsevier. 2026, 184, 107610. ISSN 0378-4266. eISSN 1872-6372. Verfügbar unter: doi: 10.1016/j.jbankfin.2025.107610BibTex
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title={How do assessed values affect the transaction prices of homes?},
year={2026},
doi={10.1016/j.jbankfin.2025.107610},
volume={184},
issn={0378-4266},
journal={Journal of Banking & Finance},
author={Fischer, Marcel and Hauf, Patrick Andreas and Stehle, Simon},
note={Article Number: 107610}
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<dcterms:abstract>Property taxes are commonly levied as a percentage of a home’s assessed value (AV). AVs should affect home prices through opposing channels. An unexpected increase in AV implies higher tax payments, which should hurt a home’s selling price (tax channel). On the other hand, the increase should have a positive effect since AVs serve as reference prices (anchoring channel). In a quasi-experimental setting exploiting geographic variations in AV-publication dates and reassessment frequencies, we find that a higher AV leads to a lower transaction price, indicating that the tax channel prevails. Disentangling the aggregate effect, we document that empirically, the anchoring channel does not play a major role. Our results thus suggest an exacerbation of previously documented inequities caused by taxation.</dcterms:abstract>
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