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"land value tax"
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Introduction to the special issue on value capture for transportation finance
This special issue includes 5 articles on value capture strategies used in transportation finance.
Journal Article
Impact of Land Value Tax on the Equity of Planning Outcomes
The question of land ownership is fundamental to any modern society and has been blamed as the root of numerous social inequalities. This paper explores one potential solution to the land question, Land Value Tax (LVT), which was first popularised in the 1880s by Henry George. Despite its long history, LVT has not been widely implemented, but recently proposals to replace existing property taxes with this form of taxation have re-emerged on the political scene. While the Welsh Government has recently explored the idea of introducing an LVT, there are limited studies on this form of taxation in the context of a discretionary planning system, such as the Welsh planning system. This paper conducts exploratory qualitative research using Wales as a case study. Data was collected via semi-structured interviews with experts across various related fields, primarily within taxation and planning, to establish the potential effects of LVT in practice, with a particular focus on how it might affect the equity of planning outcomes. Overall, the research showed that despite the strong theoretical potential, fundamental practical issues would diminish the ability of LVT to effectively influence planning. LVT is argued to be largely incompatible with a discretionary planning system (e.g., the Welsh planning system), and therefore, the research concluded that many of the potential benefits of LVT could be better achieved through reforms to existing taxes and planning processes, particularly land value capture mechanisms.
Journal Article
The effects of land transfer taxes on real estate markets
Taxes levied on the sale or purchase of real estate are pervasive but little studied. By exploiting a natural experiment arising from Toronto’s imposition of a Land Transfer Tax (LTT) in early 2008, we estimate the impact of real estate transfer taxes on the market for single family homes. Our data show that Toronto’s 1.1% tax caused a 15% decline in the number of sales and a decline in housing prices about equal to the tax. Relative to an equivalent property tax, the associated welfare loss is substantial, about $1 for every $8 in tax revenue. The magnitude of this welfare loss is comparable to those associated with better known interventions in the housing market. Unlike many possible tax reforms, eliminating existing LTTs in favour of revenue equivalent property taxes appears straightforward.
Journal Article
Land Stewardship and Development Behaviors Under an Ecological-Impact-Weighted Land Value Tax Scheme: A Proof-of-Concept Agent-Based Model
Sprawling land development patterns have exacerbated ecological degradation, social fragmentation, and public health problems. Perverse incentives arise from the ability to privatize collectively created value in land rents and socialize ecological costs. Land value taxation (LVT) has been shown to encourage urban infill development by reducing or eliminating rent-seeking behavior in land markets. However, despite its purported benefits, this tax reform is value monistic in its definition of optimal land use and, therefore, does little to address the lack of non-market information to inform land use decisions. We propose an ecological-impact-weighted land value taxation policy (ELVT) which incorporates the ecological footprint of land use into one’s land value tax burden. We test both proposed policies (LVT and ELVT) relative to a “status quo” (SQ) property tax scheme, utilizing a conceptual spatially explicit agent-based model of land use behaviors and housing development. Our findings suggest that both tax interventions can increase the capital intensity and decrease the land intensity of housing development. Furthermore, both tax interventions can lead to a net profit loss for speculators and a decrease in the average housing unit price. The ELVT scheme is shown to significantly increase urban nature provisions and dampen the loss of ecological value across a region.
Journal Article
THE LEGACIES OF FORCED FREEDOM: CHINA'S TREATY PORTS
This paper investigates the long-run development of China's treaty ports from the mid-eighteenth century until today. Focusing on a sample of prefectures on the coast or on the Yangtze River, I document the dynamic development paths of treaty ports and their neighbors in alternate phases of closedness and openness. I also provide suggestive evidence on migration and sector-wise growth to understand the advantage of treaty ports in the long run.
Journal Article
Agricultural Production and the Economic Development of Japan, 1873-1922
This study indicates that the agricultural production of Japan from 1873 to 1922 was higher than official records indicate, and that this higher rate of Japanese production was partially responsible for the swift economic growth of Japan.
Originally published in 1966.
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Framework for land value capture from investments in transit in car-dependent cities
Many car-dependent cities have major transit projects stuck in financial and economic assessment due to inadequate links between land use, transport, and funding. This has left most urban transport networks underfunded and requiring significant government support. During this widening transit funding gap, there has been an international increase in demand on transit systems, which is in part a response to the global peak in car use per capita. This paper demonstrates to transit proponents and practitioners how to facilitate infrastructure projects by optimizing induced and activated land-use change.
A five-step framework for assessment is proposed that includes assessing the regional and local legislation and regulations to determine what alternative funding opportunities are available, undertaking accessibility beneficiary analysis, analyzing the project-induced land value uplift, developing an alternative funding strategy to implement integrated land-use and transport planning mechanisms, and preparing a procurement and delivery strategy. The proposed assessment framework enables transit business cases to extend project funding for integrated transit and land-use projects, especially in car-dependent cities. This is demonstrated through a case study of Perth, Western Australia.
Journal Article
LAND VALUE TAX CAPITALIZATION IN TAIWAN: A QUASI-EXPERIMENT OF CITY-COUNTY MERGER WITH ADMINISTRATIVE TAX DATA
We use administrative tax data from 2007 to 2015 to examine the capitalization of the land value tax in Taiwan, exploiting quasi-experiments of three city-county (Taichung, Tainan, and Kaohsiung) mergers in 2010, and the associated re-assessment of the land value tax bases in 2013. Results from the difference-in-differences (DID) estimators provide robust evidence of capitalization in border districts of original Taichung and Kaohsiung counties. After the mergers, the values of county lands (as measured by the assessed present values) increased by an average of 5.81% in Taichung county and by an average of 4.24% in Kaohsiung county. Two different approaches are used to calculate the degree of capitalization. Using the general mortgage interest rate of 2% as the discount rate, the usual DID imputation suggests the degrees of capitalization of land value taxes are 87.6% and 67.3% in Taichung and Kaohsiung counties, respectively, while the continuous DID imputation suggests the corresponding degrees of capitaliz
Journal Article
Implications of a Land Value Tax with Error in Assessed Values
Land value taxation has numerous potential advantages compared to conventional property taxes on capital and land. The models that establish these advantages, however, are grounded in the unlikely assumption that land values are assessed without error. This paper demonstrates that levying taxes based on land values assessed with error is equivalent to the application of one tax rate to the true value of land and a different effective tax rate to capital. The model demonstrates that a land value tax will have at most the distortion effects of a property tax, even with the worst possible land value assessment errors. (JEL H21, H23)
Journal Article