國內不動產稅制的主要問題包含稅基嚴重偏離市價、有效稅率偏低、短期土地移轉之資本利得課不到稅等，持有土地、房屋之成本偏低，導致房市資金流竄成為熱錢移轉的投機標的，尤其以都會區房價不當高漲的情況最為嚴重，房價所得比屢創新高，居高不下的房價問題成為經濟社會發展之隱憂。其後遺症不僅僅是經濟問題，甚至包含住宅安全問題、生育率下降、人才出走等其他層面上的問題，嚴重阻礙台灣全面性的發展，因此無論政黨如何更替，住宅政策一直是政府施政的重要目標。
　　因應高房價問題，「房地合一課徵所得稅」遂於104年6月5日經立法院三讀通過，並自105年1月1日起實施，修正立法之主要目的在於抑制短期投機炒作、健全不動產稅制，進而捍衛居住權利達成社會公平之目標。然而，此政策之實施是否真能有效降低房價，實現居住正義之理想，乃本研究之主要動機，期藉由特徵價格法迴歸模型之實證結果，分析六都的房市交易資料，探討其政策推動對於六都房價之影響，分析檢視其執行成效，並進而對「房地合一課徵所得稅」未來之修正提出想法與參考意見。
關鍵字：房價、特徵價格法、房地合一課徵所得稅

To cope with the issues in high housing price, the “Integrated Housing and Land Tax System” went through the three readings at the Legislative Yuan and was passed on June 5, 2015, which was subsequently implemented starting January 1, 2016. The main purpose of the legislation amendment aims to curb the hype in short-term speculation, improve the real estate tax system, and thereby defend housing rights to achieve the objectives in social equity. Nonetheless, the main motive of the study intends to analyze if the implementation of such policy can truly and effectively lower housing price and realize the idea of housing justice. The study intends to apply the empirical results of the regression model for Hedonic Price Method and analyze the trading information of housing price in the six municipalities. The effect of execution will be analyzed and reviewed to propose review and comments as reference for future research and policy revisions.
Keywords: Housing Price, Hedonic Price Method, Integrated Housing and Land Tax System
INTRODUCTION
Due to the substantial deviation of tax base from market price, relatively low effective tax rate, and non-taxable capital gains from short-term land transfer, the considerably low cost in land and house holding causes speculative capital flows into the real estate market. Subsequently, it is easy to make exorbitant profits from the hype of real estate speculation without paying reasonable tax, which does not conform to the taxation fairness and principal of taxability. Hence the Ministry of Finance has proactively studied the feasibility of integrated housing and land tax system since July 2015 and drafted the tax plat for integrated housing and land tax system after gathering the views and insights from various sectors. The amendment for some articles of the “Income Tax Act” went through three readings at the Legislative Yuan and was passed on June 5, 2015. “Integrated Housing and Land Tax System” is the primary practice applied to most countries in the world for real estate trading taxation. To enhance for the transparency in real estate trading information in Taiwan, the central competent authority takes active develop the relevant laws and regulations in registration of actual real-estate transaction price starting from August 1, 2012. This is the first step for Taiwan’s real estate trading into information access and transparency. Alternatively, to solve many problems caused by integrated housing and land sales but with separate taxation, the new integrated housing and land tax system will adopt the real total amount deducting the acquiring cost from house and land sales as the tax base. A reasonable tax system will be established accordingly and the integrated housing and land tax system was put into effect since January 1, 2016, accordingly.
MATERIALS AND METHODS
The study explores into the impact of integrated housing and land tax system on housing price. Due to the more severity of rising housing price in the metropolises, the study selects objects from the six municipalities, including Taipei City, New Taipei City, Taoyuan City, Taichung City, Tainan City, and Kaohsiung City, and adopts the three building types with the highest trading volume in all metropolises. The study period consists of samples from the data in one year before and after the implementation of integrated housing and land tax system, which sample overs from the first quarter of 2015 to the fourth quarter of 2016. The source of data comes from the actual price registration platform for real estate for Ministry of the Interior, selecting six independent variables with significant impact on housing price, including “individual factors” – building shifting area, land shifting area, age, number of rooms, “regional factors” – compiles, “general (policy) factors” – integrated housing and land tax system to study the impact on housing price.
RESULTS AND DISSCUSSION
The study results suggest that variables such as building shifting area, land shifting area, age, number of rooms, and compiles will have significant impact on housing prices. Except for the impact of land shifting area on Taipei City and New Taipei City that do not conform to previous expectation, the impact of other variables on housing price are consistent with previous estimation. It is estimated that due to the majority of residential type consisting of apartments and buildings, the cost increases as the land shifting area enlarges under the same building area, taking consideration of floor area ratio. Hence land shifting area produces negative impact on housing prices in these two metropolises. Moreover, the impact of integrated housing and land tax system has significant curbing effect on housing prices in Taipei City, New Taipei City and Taoyuan City. In contrast, such tax system does not reach the expected effect of housing price correction in Taichung City, Tainan City and Kaohsiung City but has caused housing price to soar. Nonetheless the empirical results of the overall samples in the six municipalities reveals that the implementation of integrated housing and land tax system has significant effect on the curbing of rising housing prices.
CONCLUSION
In summary, the promotion of integrated housing and land tax drives the overall trading volume in the six municipalities shrinking while the results of the overall regression model of the six municipalities show significant negative correlation between policy implementation and housing price. Such observation suggests that the integrated housing and land tax system through the improvement of real estate tax system has in fact curbed the trading in short-term speculation and stabilize the effect of the housing market in 2016. Appropriate policy making directs housing price to become reasonable, except promotes integrated housing and land tax system, learns from international effective measures in curbing housing price, suggested government to adopt multiple measures, including build social housing, improved housing policies, restrictive loans with conditions, expansion of rental subsidies, increase of real estate transfer tax, and the development of rigorous laws and regulations curbing speculation. The improvement of the existing system will help the overheated housing market to restore real estate prices to a reasonable level in order to achieve the goal of living justice.

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