17 - Understanding our Political Economy - real world experience with

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Lesson 17 - Real World Experiences with Taxation of Land Rent

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Understanding our Political Economy LESSON SEVENTEEN Real World Experience with the Taxation of Land’s Rental Value

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“Were a site’s rent to be socially appropriated in full for the foreseeable future, its capital or selling value would be extinguished, but the site would continue to bear non-speculative rent since its ability to do so is in no way affected by whether that rent be appropriated by society, on the one hand, or by a private owner, on the other.”

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David L. Lawrence

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“There is no doubt that the tax law has been a good thing for Pittsburgh. It has discouraged holding vacant land for speculation and provides an incentive for building improvements."

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Land-to-total value ratios had increased from below 20% to above 25% Total land values in Pittsburgh were assessed at $2.8 billion, double from the previous levels Pittsburgh owners of residential properties experienced an increased assessment averaging 54%

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Raymond L. Richman

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“What we are dealing with here is gross incompetence in the assessment administration and/or arrogant disregard of the law.” Raymond L. Richman. “The Reassessment,” Pittsburgh Tribune Review, professor emeritus of public and international affairs at the University of Pittsburgh. 7 April, 2002

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Three PNC Plaza

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Stephen R. Reed

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“Harrisburg continues in the view that a land value taxation system, which places a much higher tax rate on land than on improvements, is an important incentive for the highest and best use of land ... and continues to be one of the key local policies that has been factored into this initial economic success here.”

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END OF LESSON SEVENTEEN

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