本文分析一社區內以房地產稅作為公共投資之最適稅率。此稅一方面因增進居住 服務而提高房地產市場價值，一方面經資本化減低房地產價值，故應有其最適之稅率使達最 高房地產價值。其次使此稅之邊際社會效益與邊際社會成本相等亦可求得可達最高社會福利 之最適稅率。 此二最適稅率在特定條件下互等。 由此證實「最高即最佳地用」 Highest-and-Best-Landuse 一說之義。 本文然後討論其分析結果之應用，探討模式中各參 數值並部份參考美國之財產稅率後而推估臺灣最適房地價稅率之可能數值，並提出其實施策 略之建議。

　　　　　Property tax as the source of public investments which are inputs to the production of community living services is analyzed. As such it on the one hand increases the value throuth capitalization of the tax burden. An optimum property tax rate that maximizes the total property value of the community must exist. Another optimum tax rate is defined as the one that maximizes the total net social benefits of the community. This article first identifies these two optimum rates and then shows they equal to each other under certain conditions. It therefore clarifies the idea of "highest and best use" held in the real estate circle. With the assumption that the average local property tax rate in the U.S. is actually the optimum rate resulted from the public choice process, the marginal tax productivity of community living service in the U.S. is estimated. The latter is used together with other parameters for an estimate of the optimum property tax for Taiwan. The conclusion is that the housing tax rate and land tax rate in Taiwan should be raised at least five-fold.