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Such improvements shift tenants' demand curve to the right. Landlords benefit from price competition among tenants; the only direct effect of LVT in this case is to reduce the amount of social benefit that is privately captured as land price by titleholders.

LVT is said to be justified for economic reasons because it does not deter production, distort markets, or otherwise create deadweight loss. Land value tax can even have negative deadweight loss social benefits , particularly when land use improves. A positive relationship of LVT and market efficiency is predicted by economic theory and has been observed in practice. He claimed that because LVT deters speculative land holding, dilapidated inner city areas return to productive use, reducing the pressure to build on undeveloped sites and so reducing urban sprawl.

This policy was credited by mayor Stephen R. Reed with reducing the number of vacant structures in downtown Harrisburg from around 4, in to fewer than LVT is arguably an ecotax because it discourages the waste of prime locations, which are a finite resource. The value of land is related to the value it can provide over time.

This value can be measured by the ground rent that a piece of land can rent for on the market. The present value of ground-rent is the basis for land prices. A land value tax LVT will reduce the ground rent received by the landlord, and thus will decrease the price of land, holding all else constant. The rent charged for land may also decrease as a result of efficiency gains if speculators stop hoarding unused land. Real estate bubbles direct savings towards rent seeking activities rather than other investments and can contribute to recessions. Advocates claim that LVT reduces the speculative element in land pricing, thereby leaving more money for productive capital investment.

At sufficiently high levels, land value tax would cause real estate prices to fall by removing land rents that would otherwise become 'capitalized' into the price of real estate.

It also encourages landowners to sell or relinquish titles to locations that they are not using. This might cause some landowners, especially pure landowners, to resist high land value tax rates.

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Landowners often possess significant political influence, so this may explain the limited spread of land value taxes so far. A land value tax has progressive tax effects, in that it is paid by the owners of valuable land who tend to be the rich, and since the amount of land is fixed, the tax burden cannot be passed on as higher rents or lower wages to tenants, consumers or workers. Several practical issues are involved in the implementation of a land value tax. Most notably, it must be:. Levying a land value tax is straightforward, requiring only a valuation of the land and a title register.

Value assessment can be difficult in practice. In a United States Supreme Court opinion, Justice William Paterson said that leaving the valuation process up to assessors would cause bureaucratic complexities, as well as non-uniform assessments. Compared to modern day property tax evaluations, land valuations involve fewer variables and have smoother gradients than valuations that include improvements. This is due to variation of building style, quality and size between lots.

Modern statistical techniques have eased the process; in the s and s, multivariate analysis was introduced as an assessment means. A few sites of intermediate value are then identified and used as "landmark" values. Other values are filled in between the landmark values. The data is then collated in a database and linked to a unique property reference number, [30] "smoothed" and mapped using a geographic information system GIS.

Thus, even if the initial valuation is difficult, once the system is in use, successive valuations become easier. Although still easily distorted by corrupt politicians through the excuse of the complex coding. In the context of land value taxation as a single tax replacing all other taxes , some have argued that LVT alone cannot raise enough revenues. The Physiocrats argued that all taxes are ultimately at the expense of land rental values. Most modern LVT systems function alongside other taxes and thus only reduce their impact without removing them. Land taxes that are higher than the rental surplus the full land rent for that time period would result in landowner abandonment.

In some countries, LVT is impractical because of uncertainty regarding land titles and established land ownership and tenure. For instance a parcel of grazing land may be communally owned by village inhabitants and administered by village elders. The land in question would need to be held in a trust or similar body for taxation purposes.

If the government cannot accurately define ownership boundaries and ascertain the proper owners, it cannot know from whom to collect the tax. The lack of clear titles is found in many developing countries. LVT proponents argue that such owners can be made to identify themselves under penalty of losing the land. LVT removes financial incentives to hold unused land solely for price appreciation, making more land available for productive uses. Land value tax creates an incentive to convert these sites to more intensive private uses or into public purposes.

The selling price of a good that is fixed in supply, such as land, decreases if it is taxed. By contrast, the price of manufactured goods can rise in response to increased taxes, because the higher price reduces the number of units that are made. The price increase is how the maker passes along some part of the tax to consumers. Land tax incidence rests completely upon landlords, although business sectors that provide services to landlords are indirectly impacted.

In some economies, 80 percent of bank lending finances real estate, with a large portion of that for land. While owners cannot charge higher rent to compensate for LVT, removing other taxes may increase rents. Assuming constant demand, an increase in constructed space decreases the cost of improvements to land such as houses. Shifting property taxes from improvements to land encourages development. Infill of underutilized urban space is one common practice to reduce urban sprawl. LVT is less vulnerable to tax evasion , since land cannot be concealed or moved overseas and titles are easily identified, as they are registered with the public.

Transparency reduces tax evasion. Land acquires a scarcity value owing to the competing needs for space. The value of land generally owes nothing to the landowner and everything to the surroundings.

LVT supporters claim that the value of land depends on the community. In religious terms, it has been claimed that land is God's gift to mankind. Everyone knows that the Fathers of the Church laid down the duty of the rich toward the poor in no uncertain terms.

As St. Ambrose put it: "You are not making a gift of what is yours to the poor man, but you are giving him back what is his. You have been appropriating things that are meant to be for the common use of everyone.

The earth belongs to everyone, not to the rich. In addition, the Church maintains that political authority has the right and duty to regulate, including the right to tax, the legitimate exercise of the right to ownership for the sake of the common good. LVT considers the effect on land value of location, and of improvements made to neighbouring land, such as proximity to roads and public works.

LVT is the purest implementation of the public finance principle known as value capture. A public works project can increase land values and thus increase LVT revenues. Arguably, public improvements should be paid for by the landowners who benefit from them. LVT generally is a progressive tax, with those of greater means paying more, [7] [47] in that land ownership is correlated to incomes [48] and landlords cannot shift the tax burden onto tenants.

LVT generally reduces economic inequality , removes incentives to misuse real estate, and reduces the vulnerability of economies to property bubbles and their collapse. Land value taxation began after the introduction of agriculture.

Sales taxes

It was originally based on crop yield. This early version of the tax required simply sharing the yield at the time of the harvest , on a yearly basis. Aryan sages of ancient India claimed that land should be held in common and that unfarmed land should produce the same tax as productive land. Apastamba said "If any person holding land does not exert himself and hence bears no produce, he shall, if rich, be made to pay what ought to have been produced". Mencius [52] was a Chinese philosopher around BCE who advocated for the elimination of taxes and tariffs, to be replaced by the public collection of urban land rent: "In the market-places, charge land-rent, but don't tax the goods.

During the Middle-Ages, in the West, the first regular and permanent land tax system was based on a unit of land known as the hide. The hide was originally an amount of land sufficient to support a household, but later became subject to a land tax known as "geld". The physiocrats were a group of economists who believed that the wealth of nations was derived solely from the value of land agriculture or land development.