House prices have increased faster than average income in many countries over the last decade, raising concerns on the affordability of housing. We study the impact of transaction taxes on the real estate market and the effectiveness of tax subsidies to make housing more affordable. We show how...

Introduction -- Property Tax Systems and their Administration -- Who Pays Which Property Taxes -- Estimating the Property Tax Expenditure -- What is the Property Tax Expenditure Worth? -- Public Service Cost of the Tax Expenditure -- Conclusion.