United States Department of Transportation
i
Value Capture: Land Value Taxes
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2017-01-01
[PDF-264.68 KB]
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Abstract:The Land Value tax is a levy on the value of unimproved land. It disregards the value of buildings and shifts the basis of property taxes to the assessed value of land and away from that of the improvements on it. The land value tax has also been referred to as an annual charge on the rental value of land. It may be thought of as a payment for the benefits received from municipal improvements such as the street and sewer systems, parks, and schools. The 19th century American writer and political economist Henry George was a proponent of the land value tax and believed that when the locational value of land was improved by public works, the “economic rent” of the land was the most logical source of public revenue.
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