Land value capture (LVC) has been used to capitalize on the symbiotic relationship between rapid transit and its potential land value uplift (LVU) benefits for more than a century. For the public sector in particular, the rationale to engage in LVC to recapture the ‘unearned increment’ is strong. While interest in LVC has wavered over this time, planners and policymakers in Ontario and around the world are increasingly looking to value capture as a potential solution for raising more revenue to fund the construction and operation of rapid transit projects. However, significant theoretical, conceptual, and practical gaps remain in our knowledge of LVU and LVC that prevent the wider adoption of value capture as a strategy. First, a fundamental flaw in applications of LVC is that the value increment caused by rapid transit must to some degree be known a priori to set benchmark levels and ensure LVC tools capture the actual changes in land values caused by the project. Yet despite a rich history of research into the LVU benefits of rapid transit in cities around the world, a method for arriving at more empirical predictions of future LVU beyond simple approximation remains elusive. This leads to a second issue. Previous research into the LVU effects of rapid transit has produced a body of work that exhibits significant heterogeneity in results. Such diversity in research outcomes is due to a singular focus on expectations of LVU from rapid transit accessibility, which has led previous research to ignore the potential for additional land value impacts from sorting into different bundles of transit-oriented development (TOD) based on individual preferences. As such, the results of previous studies consider the value placed on a bundle of transit and TOD characteristics. This context-dependency makes them unsuitable for extensions to estimate the potential for LVC in future transit corridors. To overcome these issues, the present dissertation develops a value planning framework for rapid transit. This is accomplished through five objectives. First, Chapter 2 establishes a theoretical framework for understanding the LVU effects of rapid transit accessibility and TOD. Second, Chapter 3 develops a typology of station area TOD to reduce the complexity of station area heterogeneity and control for such contextual factors in further research. Third, Chapter 4 applies the TOD typology to unbundle the LVU effects of existing rapid transit in the City of Toronto. Fourth, Chapter 5 develops the value planning framework to better conceptualize the drivers of LVU benefits and capturable revenues, the policy interventions to maximize them, and the beginnings of a model to utilize unbundled estimates of LVU in other study areas to derive context-sensitive predictions of LVU in future transit station areas. Finally, Chapter 6 conducts a theoretical application of the value planning framework to the case of a light rail transit line in Hamilton, Ontario, to demonstrate a rationale for engaging in value planning to promote value capture. In accomplishing these objectives, the present dissertation makes a number of contributions to research and practice. However, it also raises a number of questions for future research. Nevertheless, this work presents a significant first step towards realizing research on rapid transit’s LVU effects that is more theoretically comprehensive and practical for better informing LVC planning and policy around the world. / Dissertation / Doctor of Philosophy (PhD)

Call number: LD2668 .T4 1979 L45 / Master of Arts

THE POSITION OF REAL PROPERTY TAX WITHIN THE TAX SYSTEM OF THE CR SUMMARY The purpose of present thesis is to analyze real property tax within the tax system of the Czech Republic. Present thesis is composed of four chapters and each of them is dealing with different aspects of real property tax. Chapter One is introductory and defines basic terminology and theoretical aspects of taxation in general. The chapter is subdivided into three parts. Part One deals with term "tax" and explains it. Part Two describes types of taxes. Part Three is concerned with elements of the law concept of tax. Chapter Two examines relevant Czech legislation of real property tax. The chapter consists of six parts, which are focused on concrete law elements of real property tax. Chapter Three is subdivided into three parts and provides an outline of municipal authority for real property tax. Each part describes different competence of municipality how to influent real property tax. Chapter Four concentrates on pros and cons resulting from the change of real property taxation in Czech Republic. From 2014 comes into effect new Czech Civil code, which will bring a lot of changes even in taxation. So the proposed amendment of real property tax is taken into account in present thesis. Although change to the ad valorem taxation of real...

Master of Science / Department of Agricultural Economics / Mykel R. Taylor / Land value research has been conducted over many decades with efforts being focused on a broad spectrum of topics encompassing many different issues. The research in this thesis will focus on understanding the relationship between net farm income, cash rent, and land value. This research could provide insight and direction in determining future land value behavior. Understanding land prices is important to many different segments of the agricultural industry. Those involved in the industry want to know where land values are going and what the future looks like. Although certain segments may not be directly affected by land value movements, if value decreases the environment of the agriculture industry is changed. Farmers and ranchers are interested in future land values as they make purchase and sale decisions or as they consider future growth of their operation. Agribusinesses understand the affect a decrease in land value would do to farmer’s decisions regarding capital purchases. Additionally, agriculture finance institutions are interested in the future movement of land value as they are concerned about the affects adverse movements in land value would have on their customer’s balance sheet and ultimately their collateral position. In this paper the relationship between land value and cash rent; where land value is a function of historical cash rent and cash rent is a function of net returns to the land will be tested for its’ existence in Kansas. Data were collected for the nine crop reporting districts in Kansas from 1973 through 2012.

I dagens samhälle finns ett problem för den offentliga makten att finansiera ny hållbar transportinfrastruktur i städer. Syftet med denna undersökning är att klargöra hur olika parter uppfattar markvärdestegring vid en ny omfattande spårvägsinvestering samt hur det uppfattar en rättvis fördelning av denna. Parternas uppfattningar analyseras utifrån litteraturen om spårvägsinvesteringars samband med markvärdestegring och teori om rättvis fördelning. Undersökningens metod är en fallstudie på den planerade spårvägsinvestering i södra Uppsala - Ultunalänken och Kunskapsspåret. Fallstudien baseras på en mindre dokumentanalys samt på kvalitativa intervjuer med fastighetsägare och kommunala tjänstemän. Undersökningens resultat visar att flertalet av parterna generellt uppfattar att det sker en markvärdestegring som beror på främst den ökade tillgängligheten. Parterna uppfattar också att andra faktorer än ökad tillgänglighet påverkar markvärdestegringen både positivt och negativt. Parternas uppfattningar om markvärdestegring skiljer sig från litteraturen. Det verkar möjligtvis vara så att markvärdestegringen varierar än mer än vad som är beskrivet i litteraturen och än mer än vad parterna känner till. Generellt uppfattar också flera av parterna att en rättvis fördelning innebär att den som utför en insats förtjänar åtminstone en del av den markvärdestegring som denna insats frambringar.

LVT (Land Value Tax), unlike other taxes, causes no distortions in economic decision-making and therefore does not compromise the efficiency of a market economy. While there have been various challenges to this conclusion, it seems that the neutrality of LVT has been proven in the literature. Although it has been established conceptually that LVT is non-distortive, it is important to empirically test the effects of LVT reform in diverse aspects. Unlike other studies, this dissertation examines the economic, spatial, and welfare effects of LVT reform in a second-best situation employing an urban (and spatial) CGE (Computable General Equilibrium) model. In addition, it examines the distributional effects among different income groups and the short-term aspects of LVT as well. The feature that the present dissertation incorporates as the second-best situation includes LLZ (Large Lot Zoning). The computation and the assumptions about parameters for the current CGE model are made based on demographic, physical, and economic features of the Atlanta urban area in Georgia. The results suggest the following: (1) LVT reform is economically feasible, (2) the tax on land rent stabilizes prices and contracts the CBD (Central Business District) and urban boundary in the economy where the CBD and urban area are endogenously determined, while the tax on land rent is purely neutral in the economy where the CBD and urban area are fixed, (3) LVT reform increases the money-metric welfare of residents by about 20% of the tax revenue in the economy where residents are landowners, while LVT reform increases the money-metric welfare of residents by about 45% of the tax revenue in the economy where the lands are owned by absentee, (4) LVT reform more increases the money-metric welfare of the less-income groups that own the smaller land area, which is contrary to the case of LLZ, (5) LLZ and property tax can cause the sprawl of an urban area, but at a very low elasticity of substitution between land and the other factors (0.1), even switching from the land tax to the property tax (or graded property tax) can contract the urban area, (6) LLZ, in the long-term during which housing capital and urban boundary are not fixed and in the economy where residents are landowners, can improve the welfare of households, while LLZ worsens the welfare of households both in the economy where the lands are owned by absentee and in the short-term during which housing capital is immobile in any economy, (7) When we consider that housing capital is immobile, the increase in the money-metric welfare due to LVT reform becomes weak, compared to the case with perfectly mobile housing capital.

This thesis explores the transportation-land use connection through an investigation of accessibility and residential property values. Accessibility, broadly defined as the ability for locations to interact (Hansen, 1959) is considered a key principle of urban economic theory. This project builds upon the recommendations and conclusions of the literature calling for simultaneous consideration of both the quantitative (measured) and qualitative (perceived) impacts of accessibility on residential property values. This thesis utilizes a two stage research methodology in order to investigate the influence of access to amenities on residential property values. First, accessibility is quantified via an accessibility calculation for sample properties from three study areas within the Greater Toronto Area. This calculated access value is then correlated to real property sales data in order to explore the association between access and value. Second, a survey of real estate professionals explores the influence of perception and behavioural characteristics of accessibility and amenities in the residential location decision making process. The quantitative results are statistically significant however, the association between value and access is weak and varying in direction. The qualitative results indicate consistently that homebuyers are willing to pay for access to the amenities that they value. The average value of this access premium is determined to be approximately $10,000 or 3.5% of the average price for a single-detached home in the GTA. Given the methodological challenges experienced in the quantitative measurement of access, the overall results suggest that access does in fact matter. This research contributes to the literature by considering the impact of perception and behavioural characteristics on accessibility. Further this project serves to inform the debate around transportation-land use interactions.

This thesis explores the transportation-land use connection through an investigation of accessibility and residential property values. Accessibility, broadly defined as the ability for locations to interact (Hansen, 1959) is considered a key principle of urban economic theory. This project builds upon the recommendations and conclusions of the literature calling for simultaneous consideration of both the quantitative (measured) and qualitative (perceived) impacts of accessibility on residential property values. This thesis utilizes a two stage research methodology in order to investigate the influence of access to amenities on residential property values. First, accessibility is quantified via an accessibility calculation for sample properties from three study areas within the Greater Toronto Area. This calculated access value is then correlated to real property sales data in order to explore the association between access and value. Second, a survey of real estate professionals explores the influence of perception and behavioural characteristics of accessibility and amenities in the residential location decision making process. The quantitative results are statistically significant however, the association between value and access is weak and varying in direction. The qualitative results indicate consistently that homebuyers are willing to pay for access to the amenities that they value. The average value of this access premium is determined to be approximately $10,000 or 3.5% of the average price for a single-detached home in the GTA. Given the methodological challenges experienced in the quantitative measurement of access, the overall results suggest that access does in fact matter. This research contributes to the literature by considering the impact of perception and behavioural characteristics on accessibility. Further this project serves to inform the debate around transportation-land use interactions.

The 50% reduction of land value increment tax policy was implemented since 1st February 2002 and ended at 31st January 2004. The policy was enforced among every local government in Taiwan for two full years. For every local government, the degree of prosperity and the societal type of its city differs from each other. As for the policy itself, every county and city has different amount of lands to meet the qualification of the policy and different announced land current value. For example, Pingtung(«ÌªF) County is famous for agricultural production. In Pingtung County, although the policy uses half reduction of progressive tax rate to tax the land value nominally, the true origin of the tax is a ¡§public policy¡¨ that could affect the whole society. What has been affected or what has affected the policy on its implementation? Whether the prediction of real estate market boost and two times tax income of the Economic Development Advisory Conference are correct? This research is going to make a benefit evaluation of the policy¡¦s implementation. The research method of this research consists of survey, in-depth interview, and collection of governmental information and the research concentrated on presenting both objective and subjective perspectives, which will be showed in Chapter 3 and Chapter 4 for mutual proof of the policy¡¦s benefits. In terms of subjective evaluation, the land value increment tax policy benefited less then 20% for boosting the real estate market. On the contrary, according to our research result, 57.9% consider the policy as low interest loan, 70.6% thinks the policy is good for tax reduction, 76.6% thinks the policy is good for bankers, 52.4% thinks the real estate value never increased, 76% thinks the policy increases cases of ¡§faking trade but bestow in real,¡¨48.4% thinks the policy increase case of legal auction, 47.1% thinks it qualify for fair and justice, 44.3% thinks only consortium benefited from the policy, and 41.9% thinks the policy affected the social security. Among the objective governmental statistical information, it was found that the cases of legal auction indeed grew twice more. Before the implement of the policy, in 2001, there were 1890 cases. Since the implement in 2002, there were 3882 cases and 5839 cases in 2003.Furthermore, the issue of construction license and exercising of new house building also increased. In 2001, there were 1171 cases. In 2002, there were 1693 cases. In 2003, there were 2213 cases. However, during our in-depth interview, it was found that previous demonstrated growth of licenses was not due to the policy. The income of land value increment tax was 967805000NTD in 2001, 1160959000NDB in 2003. To sum up, the increment of real estate shifting cases and new built houses does not represent increment of tax income. Nonetheless, from both the subjective and objective evaluation, it is found that the policy is a good opportunity for tax reduction but not the primary reason for boosting land trading. It actually fastens the cases of legal auction, lower the bad debts and exceeding release ratio of banks, benefits only the consortium but shrink the budget of social security, and there might be no land tax in the incoming years. The policy does not meet the ¡§mark-up goes to the public¡¨ concept of the equal land right policy.

As American cities continue to expand and their existing transportation infrastructure becomes strained from increased demand, many cities have turned to light rail transit to not only alleviate congestion but also to provide an economic development stimulus to the areas around the stations. This report focuses on determining the economic impact on areas surrounding announced light rail stations in Austin, Texas while also attempting to quantify changes in land use and demographics experienced in a city who has an established light rail line; Dallas, Texas. In addition to examining any changes associated with the announcement and construction of a light rail project this report will qualitatively examine the role of these project in stimulating gentrification in station areas and what effect gentrification will have in preventing low-income households from accessing the improved transit system. The report will also propose actions that could ensure that these households continue to have access to public transportation, which would mitigate the strain of increasing transportation costs. / text