This paper presents novel estimates of the incidence of corporate taxes that, for the first time, account for commercial real estate. We combine unique real estate data with administrative data on wages and profits in Germany. We leverage over 17,000 local business tax changes for our empirical analysis. Our estimates indicate that a one percentage point increase in local business taxes reduces commercial real estate prices by 2%, while residential real estate prices decline by 1%. Wages decline by approximately 1%, and profits decline by about 2%. Using the reduced-form estimates, we update current incidence measures within a spatial-equilibrium framework.