Eurozone tax systems subsidise housing debt, ECB paper argues
Under-taxation of returns to home equity drives distortions, researchers say
A working paper published by the European Central Bank attempts to quantify the size of tax-induced distortions to different national housing markets.
In Housing and the tax system: how large are the distortions in the euro area? Serena Fatica and Doris Prammer evaluates the size of the preferential tax treatment of owner-occupied housing in the eurozone.
The authors use an analytical framework based on the “user cost of capital”, estimating “the annual tax-adjusted cost of owning and
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