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Land-value capture in Washington

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  • Lloyd Wright
    An interesting twist on land-value capture in order to finance transit. The extension of the DC Metrorail is being partly funded by businesses in exchange for
    Message 1 of 2 , Mar 13, 2005
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      An interesting twist on land-value capture in order to finance transit. The
      extension of the DC Metrorail is being partly funded by businesses in exchange
      for changes in zoning laws. The private developers provide upfront project
      finance in exchange for being able to increase development densities.
      Washington Post article:

      http://www.washingtonpost.com/wp-dyn/articles/A30277-2005Mar12.html
    • Lloyd Wright
      Dear Dave, I completely agree with you that an annual location levy would be a preferred mechanism. It would provide a steady revenue stream as you point out,
      Message 2 of 2 , Mar 15, 2005
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        Dear Dave,

        I completely agree with you that an annual location levy would be a preferred
        mechanism. It would provide a steady revenue stream as you point out, and it
        would also address certain equity issues.

        However, to make it happen, it seems like one would really have to reform the
        entire national property tax system. This would certainly be a positive
        development, but this would be an enormous undertaking (and well beyond any
        amount of political influence that most of us could achieve).

        The interesting aspect of the Washington example is that it does get around
        some of the previous problems with taxing an "event". And the revenue stream
        problem is not too bad in this case since the both the tax revenues and the
        infrastructure costs occur around the same time horizon. But I agree that
        reforming property tax to be more of a location levy would be a better
        solution.

        Best regards,

        Lloyd

        Lloyd Wright
        Gakushin Fellow
        Osaka University
        Osaka, Japan

        Bartlett School of Planning
        University College London
        London, UK

        ------ Original Message ------
        Received: Mon, 14 Mar 2005 07:12:03 AM EST
        From: Wetzel Dave <Davewetzel@...>
        To: 'Lloyd Wright' <lfwright@...>, "'worldtransport@yahoogroups.com'"
        <worldtransport@yahoogroups.com>, "'New Mobility Cafe [NMC]'"
        <NewMobilityCafe@yahoogroups.com>
        Subject: RE: Land-value capture in Washington

        Many thanks for this interesting example Lloyd.
        The reasons I give for an annual location levy on land values (see attached
        article from current issue of Estates Gazette), in preference to a one-off
        payment is that the levy will give a permanent income stream that not only
        helps pay for the building of the line but also pays towards the annual
        running costs and future refurbs of the line.

        Also, a one-off payment now will not collect future land value increases
        that the community is likely to be responsible for in the future.

        Dave
        Dave Wetzel; Vice-Chair; Transport for London.


        -----Original Message-----
        From: Lloyd Wright [mailto:lfwright@...]
        Sent: 14 March 2005 02:49
        To: Wetzel Dave; worldtransport@yahoogroups.com
        Subject: Land-value capture in Washington

        An interesting twist on land-value capture in order to finance transit. The
        extension of the DC Metrorail is being partly funded by businesses in
        exchange
        for changes in zoning laws. The private developers provide upfront project
        finance in exchange for being able to increase development densities.
        Washington Post article:

        http://www.washingtonpost.com/wp-dyn/articles/A30277-2005Mar12.html




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