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Betterment
In real estate, betterment is the increased value of real property from causes other than investment made by the property owner. It is, therefore, usually referred to as unearned increment or windfall gain. When, for instance, a property is rezoned for higher-value uses, or nearby public improvements raise the value of a piece of private land, a property owner is "bettered" due to the actions of others. Because of this, capturing the value of betterment for the public through taxation or other means is a common policy approach. Betterment in terms of property rights and the residual value model Property rights and residual value A property rights holder has a residual claim to income generated in the space over which they have exclusionary rights (“pay to use this space or I’ll exclude you from it”). But these rights are a limited Bundle of rights. They evolve as the law evolves, including zoning and planning law. The value of private property rights is primarily de ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Real Property
In English common law, real property, real estate, immovable property or, solely in the US and Canada, realty, is land which is the property of some person and all structures (also called improvements or fixtures) integrated with or affixed to the land, including crops, buildings, machinery, wells, dams, ponds, mines, canals, and roads, among other things. The term is historic, arising from the now-discontinued form of action, which distinguished between real property disputes and personal property disputes. Personal property, or personalty, was, and continues to be, all property that is not real property. In countries with personal ownership of real property, civil law protects the status of real property in real-estate markets, where estate agents work in the market of buying and selling real estate. Scottish civil law calls real property "heritable property", and in French-based law, it is called ''immobilier'' ("immovable property"). Historical background The word " ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Value Capture
Value capture is a type of public financing that recovers some or all of the value that public infrastructure generates for private landowners. In many countries, the public sector is responsible for the infrastructure required to support urban development. This infrastructure may include road infrastructure, parks, social, health and educational facilities, social housing, climate adaptation and mitigation tools, and more. Such infrastructure typically requires great financial investment and maintenance, and often the financing of such projects leans heavily on the government bodies themselves. Public entities, tasked with creating and maintaining this infrastructure, are constantly in search of mechanisms which can allow for fiscal support of these investments. One such mechanism of financing is Value Capture. Value capture schemes secure and recover a portion of the benefits delivered by public investments, in order to offset the costs of the investment itself. Value Capture stra ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bundle Of Rights
The bundle of rights is a metaphor to explain the complexities of property ownership. Law school professors of introductory property law courses frequently use this conceptualization to describe "full" property ownership as a partition of various entitlements of different stakeholders. The bundle of rights is commonly taught in US first-year law school property classes to explain how a property can simultaneously be "owned" by multiple parties. The term, "bundle of rights," likely came into use during the late 19th century and continued to gain ground thereafter. Prior to that, the idea of property entailed more the owner's dominion over a thing, placing restrictions ''on others'' from interfering with the owner's property. "Bundle of rights," however, implies rules specifying, proscribing, or authorizing actions on the part of the owner. Ownership of land is a much more complex proposition than simply acquiring all the rights to it. It is useful to imagine a bundle of rights ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Highest And Best Use
Highest and Best Use, or highest or best use (HBU), is a concept that originated with early economists such as Irving Fisher (1867-1947), who conceptualized the idea of maximum productivity. One of the earliest citations of the term is found in the Minutes of the Maine Legislature as early as 1831 in speaking about the assessment and valuation of real estate: "...''the land was classified preceding such change of use, had such real estate been assessed at its highest and best use''..." It is the concept in real estate appraisal that shows how the highest value for a property is arrived at. In any case where the market value of real property is sought, that value must be based on its highest and best use. Highest and best use is always that use that would produce the highest value for a property, regardless of its actual current use. Definitions of highest and best use The Appraisal Institute of Canada defines the term highest and best use as: The reasonably probable and legal u ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bogotá
Bogotá (, also , , ), officially Bogotá, Distrito Capital, abbreviated Bogotá, D.C., and formerly known as Santa Fe de Bogotá (; ) during the Spanish period and between 1991 and 2000, is the capital city of Colombia, and one of the largest cities in the world. The city is administered as the Capital District, as well as the capital of, though not part of, the surrounding department of Cundinamarca. Bogotá is a territorial entity of the first order, with the same administrative status as the departments of Colombia. It is the political, economic, administrative, and industrial center of the country. Bogotá was founded as the capital of the New Kingdom of Granada on 6 August 1538 by Spanish conquistador Gonzalo Jiménez de Quesada after a harsh expedition into the Andes conquering the Muisca, the indigenous inhabitants of the Altiplano. Santafé (its name after 1540) became the seat of the government of the Spanish Royal Audiencia of the New Kingdom of Granada (cre ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Medellín
Medellín ( or ), officially the Municipality of Medellín ( es, Municipio de Medellín), is the second-largest city in Colombia, after Bogotá, and the capital of the department of Antioquia. It is located in the Aburrá Valley, a central region of the Andes Mountains in South America. According to the National Administrative Department of Statistics, the city had an estimated population of 2,508,452 according to the 2018 census. With its surrounding area that includes nine other cities, the metropolitan area of Medellín is the second-largest urban agglomeration in Colombia in terms of population and economy, with more than 4 million people. In 1616, the Spaniard Francisco Herrera Campuzano erected a small indigenous village ("''poblado''") known as " Saint Lawrence of Aburrá" (''San Lorenzo de Aburrá''), located in the present-day El Poblado commune. On 2 November 1675, the queen consort Mariana of Austria founded the "Town of Our Lady of Candelaria of Medellín" (''Vil ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
