How do assessed values affect the transaction prices of homes?

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dc.contributor.authorFischer, Marcel
dc.contributor.authorHauf, Patrick Andreas
dc.contributor.authorStehle, Simon
dc.date.accessioned2026-01-27T07:52:21Z
dc.date.available2026-01-27T07:52:21Z
dc.date.issued2026-03
dc.description.abstractProperty 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.
dc.description.versionpublisheddeu
dc.identifier.doi10.1016/j.jbankfin.2025.107610
dc.identifier.ppn1950287556
dc.identifier.urihttps://kops.uni-konstanz.de/handle/123456789/75904
dc.language.isoeng
dc.rightsAttribution 4.0 International
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/
dc.subjectAssessed values
dc.subjectHouse prices
dc.subjectTransaction prices
dc.subjectQuasi-experiment
dc.subjectProperty taxation
dc.subject.ddc330
dc.titleHow do assessed values affect the transaction prices of homes?eng
dc.typeJOURNAL_ARTICLE
dspace.entity.typePublication
kops.citation.bibtex
@article{Fischer2026-03asses-75904,
  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}
}
kops.citation.iso690FISCHER, 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.2025.107610deu
kops.citation.iso690FISCHER, 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. Available under: doi: 10.1016/j.jbankfin.2025.107610eng
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