【正文】 y value, property age, property type, floor area, site area, and geographic location, are key factors accounting for systematic assessment errors made by tax assessors. Arguments ? They argue that tax assessors tend to systematically undervalue the highpriced property, the older property, and the property at the fringe of central business district, or at the urban periphery, or at suburban area. Moreover, they argue that tax assessors tend to systematically overassess the values of larger property, and the property with a larger percentage of value represented by land value, and the property in an area containing residents of low ine and high population density. Assessment Ratio and Systematic Assessment Errors ? The assessment ratio of property is largely determined by the systematic assessment errors made by tax assessors. When the systematic errors are larger, the assessment ratio of property differs significantly from one. The systematic errors made by tax assessors are closely associated with property characteristics, so the assessment ratio of property should be also closely related to property characteristics. Empirical Evidence on the Link Between Assessment Ratio and Property Characteristics ? Goolsby (1997) empirically explores the potential impacts of a vector of property characteristics on the assessment ratio of the property. He finds that sale price and property age have negative impacts on the assessment ratio of property, while property size and land value ratio have positive impacts on the assessment ratio of property. ? Allen and Dare (2022) and Cornia and Slade (2022) also employ a vector of property characteristics to account for the horizontal assessment ratio inequality The Link Between Effective Tax Rate and Property Characteristics ? The effective property tax rate is defined as the ratio of actual property tax payment to true market value of property. The nominal property tax rate is basically homogeneous among properties within the same jurisdiction, so it is independent of property characteristics. As mentioned earlier, the assessment ratio of property can be accounted for by a vector of property characteristics. Therefore, we argue that the effective property tax rate paid by a property should be dependent of a vector of property characteristics as well. .,.....,1,51121nPD U M M YXD U M M YE T A X R A T E PtttPdddP ?????? ?????????.,...1,1, TtXD U M M YE T A X R A T E tPtPtdDdtdtP ttt ????? ??????.,...1。, . . . . .1,? , TtDdb A V G G D Pa tdtdtd ????? ??Table 8 Empirical Findings ? We find that the effective property tax rate is higher for a property which is new, located in the tall building, and located at old and less developed area. Moreover, we find that the effective property tax rate falls with the size of floor area, but rises with the size of site area. Furthermore, we find that a property in a poor area pays on average a relatively higher effective property tax rate than the one in a wealthy area, suggesting a regressive property tax system in Taipei. Policy Implications ? First, the effective property tax burden is still underrated, especially for those properties in wealthy areas of Taipei. Therefore, the tax authority should make more efforts to raise the effective property tax rates paid by wealthier households in order to reduce the regressive degree of property tax system in Taipei. Second, the systematic assessment biases made by two independent assessment mittees should be lowered in order to raise the assessment ratios. In particular, both appraisal mittees should cooperate with each other in order to improve the quality of value appraisal result. Moreover, if both mittees can be integrated into one single mittee, then the assessment value biases may be able to be reduced.