Munich Personal RePEc Archive

Applying the Hedonic Pricing Model to the Prices of Single-Family Homes in the Oldest U.S. City, St. Augustine, Florida, Testing Whether Property Taxes Are Capitalized into Housing Prices

Angjellari-Dajci, Fiorentina and Cebula, Richard (2014): Applying the Hedonic Pricing Model to the Prices of Single-Family Homes in the Oldest U.S. City, St. Augustine, Florida, Testing Whether Property Taxes Are Capitalized into Housing Prices.

[img]
Preview
PDF
MPRA_paper_55587.pdf

Download (1MB) | Preview

Abstract

This empirical investigation applies a hedonic pricing model to determine whether property taxes have been capitalized into housing prices of single-family homes in city of St. Augustine, Florida housing market for single family homes. There were sufficient data in this context to study a total of 4,017 single-family houses for the six-year period from 2008 to 2013 period. The sales price and property tax levels are expressed real terms, i.e., in 2005 dollars. The semi-log estimation reveals, among other things, that the natural log of the real sales price of a single-family house in the St. Augustine area was in fact negatively affected by the city and county property tax level.

UB_LMU-Logo
MPRA is a RePEc service hosted by
the Munich University Library in Germany.