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Revaluation Cycles: Their Role in an Effective ad Valorem Property Tax System

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dée d'article : Market Heterogeneity and the Determinants of Paris Apartment Prices: A Quantile Regression Approach Paper submitted for presentation at the 2013 European Real Estate Society Conference, Vienna, Austria, July 3-6 by Fabrice Barthélémy THEMA, Université de Cergy-Pontoise, 33, Bd du Port, 95011, Cergy-Pontoise Cedex, France Tel : (33) 1 34 25 62 53. Email:[email protected] François Des Rosiers Université Laval, Pavillon Félix-Antoine-Savard Local 1636 Québec (Québec) G1K 7P4 Tel : (418) 656-2131, poste 5012. Email:[email protected] Michel Baroni ESSEC Business School, Avenue Bernard Hirsch – B.P. 105, 95021, Cergy-Pontoise Cedex, France Tel : (33) 1 34 43 30 92. Email:[email protected] Abstract In this paper, the heterogeneity of the Paris apartment market is addressed through assessing the differences in the hedonic price of housing attributes over the 2000-2006 period for various price, hence income, segments of the housing market. For that purpose, quantile regression is applied to the 20 Paris “arrondissements” as well as to the 80 neighborhoods, called “quartiers” – or quarters - (each “arrondissement” is composed of four quarters), with market segmentation being based on price deciles (deciles 1 to 9). The database includes some 159,000 sales spread over a seven year period (2000 – 2006). Housing descriptors include, among other things, a price index, building age, apartment size, number of rooms and bathrooms, unit floor level, the presence of a lift and of a garage, the type of street and access to building (boulevard, square, alley, etc.) as well as a series of location dummy variables standing for both the “arrondissements” and the quarters. Findings clearly suggest that hedonic “relative” prices of several housing attributes significantly differ among deciles, although discrepancies tend to vary greatly in magnitude depending on the attribute. Among other findings,

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