[雙語翻譯]房產稅外文翻譯--房地產行為對稅收變化的反應

1、5000 英文單詞， 英文單詞，24500 英文字符，中文 英文字符，中文 7550 字文獻出處： 文獻出處：Cozmei C, Onofrei M, ?erban E C. The Real Estate Behavior in Response to the Tax Vagaries [J]. Procedia Economics real estate; market value; property taxes1. Introd

2、uctionThe demand on the real estate market could be influenced by the following characteristics [i] demographic and social-economic characteristics of the inhabitants (age, sex, income, occupation, marital status, cycle

3、stage of the family life, income level, size and family composition, upward and downward mobility etc.); [ii] economic circumstances (residences price, financings options, job opportunities, inflation and constructions v

4、olume) and [iii] characteristics of the desired residence (location - accessibility to local public goods,commuting time, area, amenities, equipment and standard). Also, the value of house is a function of demographic, e

5、conomic and psychographic variables. So, the equilibrium price of housing is given by the sum of fixed amenities, public services and the housing stock which in turn influence the migration pattern.But taxation reflects

6、the level of public goods and services offered, and the gains from investments in fixed amenities, public goods and services are capitalized in the values of real estate.2. Literature reviewMany are reasoning speculation

7、 to investment (investing in real estate in a rising market, it is a strategy for financial safety). Colwell (1999) assigns speculation to a purchase of land or property that is not planned to be used but to be vacant be

8、cause of an expectancy of a profitable development opportunity in the future. Speculation also looms in thin or illiquid markets where prices are unobservable (also as a consequence of real estate heterogeneity) and ther

9、e is a lack of prices information because of the costs of knowing them moreover when prices are volatile. (Zhenguo and Vandell 2001)An efficient market made reference to information in setting prices and asserts that fut

10、ure price movements cannot be predicted based only on all historic price movements or all public financial information, but also on material, nonpublic information.A lot of economic studies observed a “random walk” in re

11、al asset price formation and changes and this is a deterrent means for speculation. But people do not see a “random walk” in asset prices and ground their decisions on “backward looking” or extrapolations of past price c

12、hanges. When the tax variation is unforeseeable, it is said to follow a random walk.According to Fernández-Kranz and Hon (2006) a real estate bubble shows an abnormally large trough-to- peak price increase, in other

13、 words a large lag (it also could be a negative housing bubble where the properties prices are below the fundamental price) between the asset price The collected data was afterwards processed using content analysis and t

14、he discussions and conclusions are presented in the following sections.4. Property taxThe property tax receipts are the main source of income for local budget. The property tax is a proxy for the value of real estate whi

15、le the real estate transfer tax is a proxy for the volume of real estate transactions. The real estate transfer tax, sometimes referred to as a deed recordation tax or a realty conveyance tax is collected when real estat

16、e changes hands and is typically based on the value of the real property which was being transferred (Behrens and Gravelle 2004). The tax rate is progressive and also depends on the property holding period.4.1. Tax on bu

17、ildingsFor natural persons, the taxable value of the building is determined by applying the taxable values provided by the law, per square meter. Lump sum per square meter is in accordance with the provisions of Article

18、251 of Law no.571/2003 regarding the Fiscal Code. Then, the taxable basis of the building is adjusted in compliance with the rank of the municipality and the location (zone) inside municipality.The tax rate which is appl

19、ied to the taxable basis of the building computed with the corrective coefficients is 0,1%. In the past, the tax rate was differentiated by the type of area where the building was located, thus 0,2% of the taxable value

20、of the building for urban areas and 0,1% of the taxable value of the building for rural areas. In respect to the tax base for buildings, this was broadened since 2002 almost annually by a gradual rise, in the range of 5-

21、10%, in the lump sum per square meter until 2006; then, in 2009, it was hiked by almost 20 % and in 2013 again by 16% compared to the 2009 value. Since 2002 the tax base applied per square meter surged by 75% on average,

22、 from 540 ron/sqm to 935 ron/sq.m, for a reinforced building with concrete frames or exterior walls made of burnt brick or any other materials resulting from a heat treatment and/or a chemical treatment.Not only the tax

23、base per square meter has trended upper but also the corrective coefficients for the rank of the municipality and location (zone) inside municipality, which in 2009 have doubled for the rank of the municipality identifie

24、d by the figures: 0, I, II, III and the zones with the characters: A,B,C and D. Only the IV and the V rank of the municipality have remained steady during the analyzed period in order to reflect more clearly the gap betw

25、een isolated, poor localities and the others. The discrimination between the tax rate for buildings situated in the rural areas against those situated in the urban areas has been expelled, nowadays being enforced a singl

26、e rate of 0,1% of the taxable basis for natural persons. Also the tax rate for natural persons that have in their possession more than one house has burst in 2009 and edged up to an increase of 65% for the first building

27、 other than the address of the domicile; of 150% for the second building other than the address of the domicile; and of 300% for the third building other than the address of the domicile; from a range within 15% and 100%

28、 for the fourth building other than the address of the domicile.Large dwellings that exceeds 150sqm benefit for an increased taxable value by 5% for every 50 square meters or fraction of them, the standard taxable value

29、being capped at a dwelling’s area of 150sqm.Natural persons are provided with exemption for social reasons and with abatements that were also increased by 5 points: a diminished taxable value by 20% for buildings older t