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Abstract:  The paper analyzes the evolution of residential real estate in Rome during 2004-2013 (quantities and prices). We utilize a dataset of the Italian fiscal agency (Agenzia delle entrate) containing the registered market values of real estate residential transactions and based on the partition of the city territory in 308 zones. We find that center-peripheries price differentials are slightly increased. The distance between market values and cadastral values has been reduced by partial reforms in cadastral estimation methods. Market values remain however distant from cadastral values: twice in the city average. Our analysis shows that this distance decreases going from central zones to peripheries. This means that property taxes, based on cadastral values, are affected by relevant distortions. We estimate these distorsions with an exercise that, introducing the same distance between market and cadastral values in all the city zones, analyzes dimensions and signs of the potential territorial tax base variations, with benefits for property in urban peripheries.

Keywords: Urban Economics; Real Estate Markets; Estate Tax; State and Local Taxation