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Two types of taxes are considered, for which Belgian municipalities have the decision power as to rates: the "centimes additionnels" on the personal income tax and the "précompte immobilier" which is a property tax. A dynamic adjustment model is specified and estimated using panel data for 598 municipalities over 15 years. The empirical results obtained bear upon two main points: (i) Some interaction definitely has prevailed between the municipalities' fiscal choices made during the observation period, for both taxes; (ii) However, the adjustment reactions to the other municipalities' fiscal choices have occurred over time at the very low yearly pace of 6% and 10%, respectively, of the discrepancy between the actual rates and the preferred rates. [ABSTRACT FROM AUTHOR]