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This chapter elaborates on why a real property tax is necessary, given that the real estate sector has become so strong in the country. If our answer to why China should adopt a local real property tax is “yes,” then what are the rationales? Since at least 2003, the academic and policy communities in China have debated this question without achieving consensus. This chapter offers an empirical analysis of the tremendous inequity and inefficiency of the current scheme of education finance in the absence of a local property tax. The analysis uses capitalization data of basic education and is based on micro-level housing data in central Beijing that illustrates how the differential treatment of tiered schools, coupled with school attendance by rigid proximity plus the household registration system, is the root cause of these problems.
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- Why China Needs a Real Property Tax? Empirical Evidence
- Chapter 4
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