Housing Taxation in OECD Countries
Housing Taxation in OECD Countries provides a comparative assessment of housing tax policies in OECD countries and identifies options for reform. The study starts with an overview of recent housing market trends and challenges and an analysis of the distribution of housing assets.
| Autor principal: | |
|---|---|
| Autor Corporativo: | |
| Formato: | Libro electrónico |
| Idioma: | Inglés |
| Publicado: |
Paris :
Organization for Economic Cooperation & Development
2022.
|
| Edición: | 1st ed |
| Colección: | OECD Tax Policy Studies, no.29
|
| Materias: | |
| Ver en Biblioteca Universitat Ramon Llull: | https://discovery.url.edu/permalink/34CSUC_URL/1im36ta/alma991009705136006719 |
Tabla de Contenidos:
- Intro
- Foreword
- Acknowledgements
- Executive Summary
- 1 Housing market trends and challenges
- 1.1. Introduction
- 1.2. Housing affordability has decreased significantly in both property and rental markets
- 1.3. Supply-side constraints have contributed to decreasing housing affordability
- 1.4. At the same time, housing demand has been pushed up by various structural, economic and political factors
- 1.5. Housing market developments have a significant impact on the economy
- 1.6. Recent housing market developments risk reinforcing pre-existing inequalities
- 1.7. The housing sector has a sizeable impact on the environment
- 1.8. Longer-term structural shifts are likely to have profound impacts on housing markets in the future
- References
- Notes
- 2 The distribution of housing assets
- 2.1. Introduction
- 2.2. Household wealth and homeownership
- 2.3. Housing assets and liabilities across the income and wealth distributions
- 2.4. Housing across age groups
- 2.5. Inheritances and housing
- References
- Notes
- 3 Housing tax policies in the OECD and options for reform
- 3.1. Key findings
- 3.2. Overview of housing taxes in OECD countries
- 3.2.1. Housing taxes along the housing investment cycle
- 3.2.2. Property tax revenues in OECD countries
- Property tax revenues, which include a subset of taxes on housing, account for a small share of overall tax revenues
- Increases in housing values have not been reflected in property tax revenues
- 3.3. Policy assessment and options for reform
- 3.3.1. Assessment of housing tax policies and options to enhance their efficiency, equity and revenue potential
- There is significant scope to improve the design and functioning of recurrent taxes on immovable property.
- The design of property transaction taxes should minimise welfare costs and ensure that residential mobility is not impeded
- Countries could consider taxing capital gains on main residences above a high threshold and all gains on secondary homes to enhance efficiency and equity
- Countries should consider limiting or phasing out mortgage interest relief on owner-occupied housing
- Taxing net rental income at marginal personal or capital income tax rates and strengthening reporting requirements support efficiency and equity
- The inheritance or estate tax treatment of housing could allow for deferral and payment by instalments, but should avoid exemptions that concentrate the benefits among top wealth households
- Tax avoidance and evasion can be addressed through increased transparency and detection efforts, and removing incentives to use corporate structures and trusts
- 3.3.2. Assessment of the role of housing tax policies in addressing current housing challenges and reform options
- Tax support for homeownership should be carefully evaluated against local housing market characteristics, as some of these tax measures may be counterproductive when supply is inelastic
- A careful blend of tax and non-tax policies may be needed to increase supply of affordable housing
- Well-targeted tax incentives for energy efficient housing could help reduce energy use in the residential sector
- Recurrent taxes on vacant homes can help increase housing supply, though more research is needed to assess their effectiveness relative to alternative policies
- Split-rate taxes could help enhance housing supply and contain urban sprawl, but their success will partly depend on interactions with other land-use policies.
- Infrastructure levies can provide an important source of funding for local government projects, although conventional housing tax policies may offer a better alternative
- References
- Notes
- Annex A. Tax treatment of housing in OECD counries.
