[{"publication_status":"published","date_updated":"2026-02-09T11:18:25Z","jel":["H22","H23","H24","R31"],"author":[{"last_name":"Maiterth","first_name":"Ralf","full_name":"Maiterth, Ralf"},{"full_name":"Piper, Yuri","first_name":"Yuri","last_name":"Piper","id":"49955"},{"full_name":"Sureth-Sloane, Caren","last_name":"Sureth-Sloane","orcid":" 0000-0002-8183-5901","first_name":"Caren","id":"530"}],"status":"public","year":"2026","title":"Liquidity Effects of a Wealth Tax on Residential Rental Real Estate","user_id":"96670","doi":"10.2139/ssrn.6147767","series_title":"TRR 266 Accounting for Transparency Working Paper Series No. 221","_id":"63835","language":[{"iso":"eng"}],"abstract":[{"text":"This article examines the liquidity effects of a wealth tax on residential rental real estate. Using data from a real estate corporation, we simulate the effects of a wealth tax on cash flows from the rental operations. The level of detail of the data enables us to conduct analyses at the annual, regional and year of construction level. A comparison with real estate data from other sources supports external validity. The results of the simulation show that the introduction of a wealth tax can significantly reduce the cash flow from rental operations and lead to liquidity problems. On average over all observations, a wealth tax rate of 2% leads to a negative cash flow after all costs. In general, this finding implies that growth-oriented real estate is more affected by a wealth tax in terms of liquidity than rental yield-oriented real estate. Particularly in large cities with high market values but relatively low rents, the liquidity effects can be more than three times as high as in rural or industrial regions – potentially leading to a relative loss of investment attractiveness. As a wealth tax is decoupled from rental income, the tax burden is very sensitive to market developments, including the interest rate environment. As a result, investments in residential rental real estate are exposed to additional uncertainty. This additional tax uncertainty might impair the willingness to invest and should therefore be taken into account in political discussions on the reintroduction of a wealth tax.","lang":"eng"}],"citation":{"short":"R. Maiterth, Y. Piper, C. Sureth-Sloane, Liquidity Effects of a Wealth Tax on Residential Rental Real Estate, 2026.","chicago":"Maiterth, Ralf, Yuri Piper, and Caren Sureth-Sloane. <i>Liquidity Effects of a Wealth Tax on Residential Rental Real Estate</i>. TRR 266 Accounting for Transparency Working Paper Series No. 221, 2026. <a href=\"https://doi.org/10.2139/ssrn.6147767\">https://doi.org/10.2139/ssrn.6147767</a>.","ieee":"R. Maiterth, Y. Piper, and C. Sureth-Sloane, <i>Liquidity Effects of a Wealth Tax on Residential Rental Real Estate</i>. 2026.","apa":"Maiterth, R., Piper, Y., &#38; Sureth-Sloane, C. (2026). <i>Liquidity Effects of a Wealth Tax on Residential Rental Real Estate</i>. <a href=\"https://doi.org/10.2139/ssrn.6147767\">https://doi.org/10.2139/ssrn.6147767</a>","bibtex":"@book{Maiterth_Piper_Sureth-Sloane_2026, series={TRR 266 Accounting for Transparency Working Paper Series No. 221}, title={Liquidity Effects of a Wealth Tax on Residential Rental Real Estate}, DOI={<a href=\"https://doi.org/10.2139/ssrn.6147767\">10.2139/ssrn.6147767</a>}, author={Maiterth, Ralf and Piper, Yuri and Sureth-Sloane, Caren}, year={2026}, collection={TRR 266 Accounting for Transparency Working Paper Series No. 221} }","ama":"Maiterth R, Piper Y, Sureth-Sloane C. <i>Liquidity Effects of a Wealth Tax on Residential Rental Real Estate</i>.; 2026. doi:<a href=\"https://doi.org/10.2139/ssrn.6147767\">10.2139/ssrn.6147767</a>","mla":"Maiterth, Ralf, et al. <i>Liquidity Effects of a Wealth Tax on Residential Rental Real Estate</i>. 2026, doi:<a href=\"https://doi.org/10.2139/ssrn.6147767\">10.2139/ssrn.6147767</a>."},"department":[{"_id":"187"}],"type":"working_paper","date_created":"2026-02-02T13:38:29Z"},{"citation":{"mla":"Maiterth, Ralf, et al. <i>Preferences for Taxing Wealth and Income</i>. 2026, doi:<a href=\"https://doi.org/10.2139/ssrn.6832418\">10.2139/ssrn.6832418</a>.","ama":"Maiterth R, Piper Y, Schneider C. <i>Preferences for Taxing Wealth and Income</i>.; 2026. doi:<a href=\"https://doi.org/10.2139/ssrn.6832418\">10.2139/ssrn.6832418</a>","bibtex":"@book{Maiterth_Piper_Schneider_2026, series={TRR 266 Accounting for Transparency Working Paper Series No. 239}, title={Preferences for Taxing Wealth and Income}, DOI={<a href=\"https://doi.org/10.2139/ssrn.6832418\">10.2139/ssrn.6832418</a>}, author={Maiterth, Ralf and Piper, Yuri and Schneider, Cornelius}, year={2026}, collection={TRR 266 Accounting for Transparency Working Paper Series No. 239} }","apa":"Maiterth, R., Piper, Y., &#38; Schneider, C. (2026). <i>Preferences for Taxing Wealth and Income</i>. <a href=\"https://doi.org/10.2139/ssrn.6832418\">https://doi.org/10.2139/ssrn.6832418</a>","ieee":"R. Maiterth, Y. Piper, and C. Schneider, <i>Preferences for Taxing Wealth and Income</i>. 2026.","short":"R. Maiterth, Y. Piper, C. Schneider, Preferences for Taxing Wealth and Income, 2026.","chicago":"Maiterth, Ralf, Yuri Piper, and Cornelius Schneider. <i>Preferences for Taxing Wealth and Income</i>. TRR 266 Accounting for Transparency Working Paper Series No. 239, 2026. <a href=\"https://doi.org/10.2139/ssrn.6832418\">https://doi.org/10.2139/ssrn.6832418</a>."},"abstract":[{"text":"We examine German individuals' preferences for income and wealth taxation and, importantly, the interplay between these two tax instruments. While prior research often examines wealth tax preferences in isolation, actual tax systems consist of multiple interacting taxes. To capture this dynamic, we elicit preferred tax burdens in a large-scale online experiment with 2,702 participants randomly assigned to one of four treatment groups: respondents state either an unspecified overall tax burden, separate income and wealth tax burdens, an income tax burden only, or a wealth tax burden only. Our baseline estimates reveal average (marginal) tax rates of approximately 17.4% (18.9%) for income and 4.1% (2.3%) for wealth. We find that participants associate wealth with an ability-to-pay taxes: when a wealth tax is not explicitly available, preferred income tax rates are approximately 30% higher. However, when both instruments are available, participants do not treat them as substitutes. Instead, they appear to treat the two taxes as separate mental bins: the standalone income and wealth tax burdens are combined in a notably additive manner, resulting in a significantly higher overall tax burden. Further, respondents apply implicit exemptions for low levels of wealth and favor a wealth tax base focused primarily on financial assets and real estate other than the primary residence.","lang":"eng"}],"date_created":"2026-06-01T06:46:10Z","type":"working_paper","department":[{"_id":"187"}],"oa":"1","title":"Preferences for Taxing Wealth and Income","status":"public","year":"2026","author":[{"full_name":"Maiterth, Ralf","last_name":"Maiterth","first_name":"Ralf"},{"id":"49955","first_name":"Yuri","last_name":"Piper","full_name":"Piper, Yuri"},{"full_name":"Schneider, Cornelius","first_name":"Cornelius","last_name":"Schneider"}],"date_updated":"2026-06-01T06:47:26Z","main_file_link":[{"open_access":"1"}],"_id":"65737","language":[{"iso":"eng"}],"series_title":"TRR 266 Accounting for Transparency Working Paper Series No. 239","user_id":"96670","doi":"10.2139/ssrn.6832418"},{"author":[{"full_name":"Maiterth, Ralf","first_name":"Ralf","last_name":"Maiterth"},{"id":"49955","full_name":"Piper, Yuri","last_name":"Piper","first_name":"Yuri"},{"last_name":"Sureth-Sloane","first_name":"Caren","orcid":" 0000-0002-8183-5901","full_name":"Sureth-Sloane, Caren","id":"530"}],"title":"Liquiditätseffekte einer Vermögensteuer bei Mietwohnimmobilien","status":"public","year":"2025","intvolume":"       102","date_updated":"2026-04-09T07:35:42Z","language":[{"iso":"ger"}],"_id":"56482","page":"67 - 81","volume":102,"user_id":"74000","citation":{"ama":"Maiterth R, Piper Y, Sureth-Sloane C. Liquiditätseffekte einer Vermögensteuer bei Mietwohnimmobilien. <i>Steuer und Wirtschaft</i>. 2025;102(1):67-81.","bibtex":"@article{Maiterth_Piper_Sureth-Sloane_2025, title={Liquiditätseffekte einer Vermögensteuer bei Mietwohnimmobilien}, volume={102}, number={1}, journal={Steuer und Wirtschaft}, author={Maiterth, Ralf and Piper, Yuri and Sureth-Sloane, Caren}, year={2025}, pages={67–81} }","mla":"Maiterth, Ralf, et al. “Liquiditätseffekte einer Vermögensteuer bei Mietwohnimmobilien.” <i>Steuer und Wirtschaft</i>, vol. 102, no. 1, 2025, pp. 67–81.","short":"R. Maiterth, Y. Piper, C. Sureth-Sloane, Steuer und Wirtschaft 102 (2025) 67–81.","chicago":"Maiterth, Ralf, Yuri Piper, and Caren Sureth-Sloane. “Liquiditätseffekte einer Vermögensteuer bei Mietwohnimmobilien.” <i>Steuer und Wirtschaft</i> 102, no. 1 (2025): 67–81.","apa":"Maiterth, R., Piper, Y., &#38; Sureth-Sloane, C. (2025). Liquiditätseffekte einer Vermögensteuer bei Mietwohnimmobilien. <i>Steuer und Wirtschaft</i>, <i>102</i>(1), 67–81.","ieee":"R. Maiterth, Y. Piper, and C. Sureth-Sloane, “Liquiditätseffekte einer Vermögensteuer bei Mietwohnimmobilien,” <i>Steuer und Wirtschaft</i>, vol. 102, no. 1, pp. 67–81, 2025."},"publication":"Steuer und Wirtschaft","issue":"1","abstract":[{"text":"Dieser Beitrag untersucht Liquiditätseffekte einer Vermögensteuer bei Mietwohnimmobilien. Mithilfe von Daten einer Immobilien-Kapitalgesellschaft werden die Wirkungen einer Vermögensteuer auf die Cashflows aus der Vermietung von Wohnimmobilien simuliert. Der Detailgrad der Daten ermöglicht dabei Analysen auf Jahres-, Regional- und Baujahresebene. Ein Abgleich mit weiteren Immobiliendaten untermauert die Vergleichbarkeit und Aussagekraft der Analysen. Die Ergebnisse der Simulation zeigen, dass die Einführung einer Vermögensteuer den Cashflow aus dem Mietgeschäft erheblich reduzieren und zu Liquiditätsproblemen führen kann. Im Durchschnitt über alle Beobachtungen\r\nergibt sich bei einem Vermögensteuersatz i.H.v. 2 % ein negativer Cashflow nach Berücksichtigung aller Kosten. Generell bedeutet dies, dass wachstumsorientierte Immobilien durch eine Vermögensteuer liquiditätsmäßig stärker belastet werden als mietrenditeorientierte Immobilien. Insbesondere in Großstädten mit hohen Immobilienwerten, aber verhältnismäßig geringen Mieten, können die Liquiditätseffekte mehr als dreimal so hoch ausfallen wie in ländlichen bzw. industriell-geprägten Regionen, was zu einem relativen Attraktivitätsverlust führen kann. Durch die Entkopplung der Vermögensteuer von den Mieterträgen zeichnet sich eine starke Abhängigkeit der Steuerlast von aktuellen Marktentwicklungen und dem Zinsumfeld ab, was eine zusätzliche Unsicherheit für Investoren darstellt. Diese steuerliche Unsicherheit könnte sich potentiell auf die Investitionsbereitschaft auswirken und sollte daher\r\nin politischen Diskussionen über die Wiedereinführung einer Vermögensteuer berücksichtigt werden.","lang":"ger"}],"quality_controlled":"1","date_created":"2024-10-10T09:27:31Z","department":[{"_id":"187"}],"type":"journal_article"},{"citation":{"ieee":"R. Maiterth, Y. Piper, and C. Sureth-Sloane, <i>Liquiditätseffekte einer Vermögensteuer bei Mietwohnimmobilien</i>. 2024.","apa":"Maiterth, R., Piper, Y., &#38; Sureth-Sloane, C. (2024). <i>Liquiditätseffekte einer Vermögensteuer bei Mietwohnimmobilien</i>.","short":"R. Maiterth, Y. Piper, C. Sureth-Sloane, Liquiditätseffekte Einer Vermögensteuer Bei Mietwohnimmobilien, 2024.","chicago":"Maiterth, Ralf, Yuri Piper, and Caren Sureth-Sloane. <i>Liquiditätseffekte Einer Vermögensteuer Bei Mietwohnimmobilien</i>. TRR 266 Accounting for Transparency Working Paper Series No. 157, 2024.","mla":"Maiterth, Ralf, et al. <i>Liquiditätseffekte Einer Vermögensteuer Bei Mietwohnimmobilien</i>. 2024.","bibtex":"@book{Maiterth_Piper_Sureth-Sloane_2024, series={TRR 266 Accounting for Transparency Working Paper Series No. 157}, title={Liquiditätseffekte einer Vermögensteuer bei Mietwohnimmobilien}, author={Maiterth, Ralf and Piper, Yuri and Sureth-Sloane, Caren}, year={2024}, collection={TRR 266 Accounting for Transparency Working Paper Series No. 157} }","ama":"Maiterth R, Piper Y, Sureth-Sloane C. <i>Liquiditätseffekte Einer Vermögensteuer Bei Mietwohnimmobilien</i>.; 2024."},"department":[{"_id":"187"}],"type":"working_paper","date_created":"2026-01-13T09:21:58Z","date_updated":"2026-01-13T09:22:02Z","author":[{"full_name":"Maiterth, Ralf","last_name":"Maiterth","first_name":"Ralf"},{"id":"49955","last_name":"Piper","first_name":"Yuri","full_name":"Piper, Yuri"},{"full_name":"Sureth-Sloane, Caren","first_name":"Caren","orcid":" 0000-0002-8183-5901","last_name":"Sureth-Sloane","id":"530"}],"title":"Liquiditätseffekte einer Vermögensteuer bei Mietwohnimmobilien","status":"public","year":"2024","user_id":"96670","_id":"63582","language":[{"iso":"eng"}],"series_title":"TRR 266 Accounting for Transparency Working Paper Series No. 157"}]