In a large majority of European countries, a tax relief on mortgage interest payments is granted in order to enhance homeownership. Although there is a common belief stating that a mortgage interest deduction (MID) is capitalized into house prices, empirical evidence remains scarce. Therefore, our paper is about the influence of this fiscal relief on house prices. The scope of our analysis includes fourteen European countries, for which an unbalanced panel dataset over the period 1990–2015 is constructed. All our regression results support the hypothesis that a MID has had a significant price-increasing effect in the selected countries over the observed period. However, this result does not hold for a MID in the countries where a dual income tax (DIT) is applied, suggesting a significant difference between tax systems. These results are relevant for governments because there has been much debate about whether and to what extent countries should limit its MID over the last decades.

在绝大多数欧洲国家，抵押贷款利息支付的税收减免是为了提高房屋所有权。尽管人们普遍认为抵押贷款利息扣除（MID）被资本化为房价，但经验证据仍然很少。因此，我们的论文是关于这种财政减免对房价的影响。我们的分析范围包括 14 个欧洲国家，为其构建了 1990-2015 年期间的不平衡面板数据集。我们所有的回归结果都支持这样的假设，即 MID 在观察期内对选定的国家产生了显着的价格上涨效应。然而，这一结果不适用于实施双重所得税 (DIT) 的国家的 MID，这表明税收制度之间存在显着差异。