Optimal Housing Capacity is affected by Tax

[[abstract]]現今台灣房價不斷上漲，政府以房屋貸款利息抵稅的方式，減輕購屋者的經濟壓力。本研究以CampbellandCocco(2015)與洪志興(2017)的效用極大化模型作為基礎，將其模型加以推導出最適房價。本文探討貸款成數、期初薪資、所得稅率與財產稅率在不同情況之下，對最適房價的影響。研究顯示，薪資所得提高相對最適房價上升，而貸款成數越大相對最適房價會降低。財產稅率增加會導致最適房價下降。財產稅率與所得稅率相較之下，財產稅率對最適房價的影響較大，因此增加財產稅率能有效改善低所得者的購屋能力。[[abstract]]DuetoextravaganthousingpricesinTaiwan,thegovernmentinstitutingthemortgageinterestdeductionforreducingtheeconomicpressurefromhousingbuyers.Thispaperisbasedonutility-maximizingmodelofCampbellandCocco(2015)andHung(2017),thenexcogitatestheoptimalhousingprice.Intheanalysisofresearch,theoptimalhousingpriceisaffectedbyloan-to-value(LTV),income,individualincometax,andpropertytaxunderthedifferentcircumstances.Inmyexperiments,theincreaseofincomeincreasestheoptimalhousingpriceandtheraiseinloan-to-valueresultsinafallintheoptimalhousingprice.However,theincreaseofthepropertytaxleadstoadeclineoftheoptimalhousingprice.Bycontrast,thepropertytaxismoreinfluentialthantheindividualincometax,andthereforetheincreaseofpropertytaxwillimprovetheoptimalhousingcapacitytopeoplewithlowincome