以往有關不動產稅對於房價影響的文獻，主要探討不同地區不動產稅率差異的資本化效果，本文認為即使不同地區的不動產名目稅率完全相同下，不動產有效稅率的差異亦會反映在房價上。本研究利用台北市大同區與內湖區的實際不動產交易案例推估其不動產有效稅率，發現兩者平均有效稅率約在0.0886% 到0.1304% 之間，明顯低於加權不動產名目稅率0.6% 約5倍之多。由房價影響因素的實證結果來看，雖然台灣各縣市名目的地價稅率與房屋稅率完全相同，但不動產有效稅率的提高確實會使房價降低，當不動產有效稅率每增加一個百分點，房價將會降低 2.02% 。在完全資本化假設下，若將不動產有效稅率與其加權名目稅率間的差額透過資本化率予以還原，以3% 的資本化率加以計算，房價應下降約15% 左右，依此計算台灣不動產稅的資本化效果約13% ，較國外一般不動產稅的資本化效果為低，背後隱含仍有相當高比例的不動產稅賦將轉嫁給購屋者負擔。

Most of the literature that discusses the effect of property taxes on housing values has focused on the degree of capitalization of the property taxes in different areas under different nominal tax rates. We argue that even under a uniform nominal tax rate across different areas, the difference of effective property tax rates will affect housing values. We try to provide some solid evidence in this regard with a careful estimation of the true effective tax rates of properties transacted in two representative districts of Taipei, Ta-Tung and Nei-Hu. After careful estimation, we found that the average effective rates for the sampled properties in the combined districts range from 0.0886 precent to 0.1304 precent. These rates account for only one-fifth of the weighted nominal rate stipulated by the authorities. From the empirical results, we found that the lifting of the effective property tax rate has significant negative effects on housing prices. When the effective property rate increases 1 percent, housing prices will decrease by 2.02 percent. With a 3 percent discount rate and infinite house life to discount the difference between the nominal tax rate and effective property tax rate, housing prices will drop 15 percent. The capitalization rate is about 13 percent, much lower than in other countries.