취득세 감면이 주택 수요에 미치는 영향에 관한 연구

Abstract

This paper is trying to test if the acquisition tax rate cut can make the demand of the house increase in Korea. The house demand function is derived from the consumer’s utility maximization problem. So the house demand function have 7 explanatory variables(sales price, rent price, stock price, income and 3 dummies). There are 3 dummies on the house demand model, one of which is the dummy about the global economic crisis, another is the dummy about the heavy tax on the capital gains, and the other is the dummy about the acquisition tax cut. A panel data approach is used to estimate the house demand function in Korea. The panel data is for 15 regional local government(excluding Jeju-do) for the time period 2006~2012. The result of the estimation shows that the sales price, the rent price, the stock price, the income, the global economic crisis,the heavy tax on the capital gains are statistically significant on the house demand model. Specially,the sign of the estimate of the heavy tax on the capital gains is negative, namely the decrease of that makes the house demand increase. But the acquisition tax cut is not statistically significant in this estimation result. That means the acquisition tax cut can’t increase the demand of the house but can decrease tax income of local governments.