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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 change adaptation, 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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Air Rights
In real estate, air rights are the property interest in the "space" above the Earth's surface. Generally speaking, owning or renting land or a building includes the right to use and build in the space above the land without interference by others. This legal concept is encoded in the Latin phrase ''Cuius est solum, eius est usque ad coelum et ad inferos'' ("''Whoever owns the soil, it is theirs up to Heaven and down to Hell''."), which appears in medieval Roman law and is credited to 13th-century glossator Accursius; it was notably popularized in common law in ''Commentaries on the Laws of England'' (1766) by William Blackstone; see Cuius est solum, eius est usque ad coelum et ad inferos#Origins, origins of phrase for details. In the 20th century, the splitting of air-rights from the underlying property became an important issue for property development, particularly for skyscrapers in some crowded cities. Air travel Property rights defined by points on the ground once ex ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wealth Tax
A wealth tax (also called a capital tax or equity tax) is a tax on an entity's holdings of assets or an entity's net worth. This includes the total value of personal assets, including cash, bank deposits, real estate, assets in insurance and pension plans, ownership of unincorporated businesses, financial securities, and personal trusts (a one-off levy on wealth is a capital levy).Edward N. Wolff, "Time for a Wealth Tax?"''Boston Review'', Feb–Mar 1996 (recommending a net wealth tax for the US of 0.05% for the first $100,000 in assets to 0.3% for assets over $1,000,000/ref> Typically, wealth taxation often involves the exclusion of an individual's liabilities, such as mortgages and other debts, from their total assets. Accordingly, this type of taxation is frequently denoted as a net wealth tax. , five of the 36 OECD countries had a personal wealth tax (down from 12 in 1990). Proponents often argue that wealth taxes can reduce income inequality by making it harder for i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Property Tax
A property tax (whose rate is expressed as a percentage or per mille, also called ''millage'') is an ad valorem tax on the value of a property.In the OECD classification scheme, tax on property includes "taxes on immovable property or Wealth tax, net wealth, taxes on the change of ownership of property through Inheritance tax, inheritance or Gift tax, gift and Financial transaction tax, taxes on financial and capital transactions" (see: ), but this article only covers taxes on realty. The tax is levied by the governing authority of the jurisdiction in which the property is located. This can be a national government, a federated state, a county or other Region, geographical region, or a Local government, municipality. Multiple jurisdictions may tax the same property. Often a property tax is levied on real estate. It may be imposed annually or at the time of a real estate transaction, such as in real estate transfer tax. This tax can be contrasted with a rent tax, which is based ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pigovian Tax
A Pigouvian tax (also spelled Pigovian tax) is a tax on any market activity that generates negative externalities (i.e., external costs incurred by third parties that are not included in the market price). It is a method that tries to internalize negative externalities to achieve the Nash equilibrium and optimal Pareto efficiency. The tax is normally set by the government to correct an undesirable or inefficient market outcome (a market failure) and does so by being set equal to the external marginal cost of the negative externalities. In the presence of negative externalities, social cost includes private cost and external cost caused by negative externalities. This means the social cost of a market activity is not covered by the private cost of the activity. In such a case, the market outcome is not efficient and may lead to over-consumption of the product. Often-cited examples of negative externalities are environmental pollution and increased public healthcare costs assoc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Geolibertarianism
Geolibertarianism is a political and economic ideology that integrates libertarianism with Georgism. It favors a taxation system based (as in Georgism) on income derived from land and natural resources instead of on labor, coupled with a minimalist model of government, as in libertarianism. The term was coined by the late economist Fred Foldvary in 1981. Geolibertarians recognize the right to private ownership of land, but only if fair recompense is paid to the community for the loss of access to that land. Some geolibertarians broaden out the tax base to include resource depletion, environmental damage, and other ancillaries to land use. A succinct summary of this philosophy can be found in Thomas Paine's 1797 pamphlet '' Agrarian Justice'': "Men did not make the earth. It is the value of the improvements only, and not the earth itself, that is individual property. Every proprietor owes to the community a ground rent for the land which he holds". Overview Geolibertarians mai ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Georgism
Georgism, in modern times also called Geoism, and known historically as the single tax movement, is an economic ideology holding that people should own the value that they produce themselves, while the economic rent derived from land—including from all natural resources, the commons, and urban locations—should belong equally to all members of society. Developed from the writings of American economist and social reformer Henry George, the Georgist paradigm seeks solutions to social and ecological problems based on principles of land rights and public finance that attempt to integrate economic efficiency with social justice. Georgism is concerned with the distribution of economic rent caused by land ownership, natural monopolies, pollution rights, and control of the commons, including title of ownership for natural resources and other contrived Privilege (legal ethics), privileges (e.g., intellectual property). Any natural resource that is inherently limited in Supply (econ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Externality
In economics, an externality is an Indirect costs, indirect cost (external cost) or indirect benefit (external benefit) to an uninvolved third party that arises as an effect of another party's (or parties') activity. Externalities can be considered as unpriced components that are involved in either consumer or producer consumption. Air pollution from motor vehicles is one example. The Air pollution#Health effects, cost of air pollution to society is not paid by either the producers or users of motorized transport. Water pollution from mills and factories are another example. All (water) consumers are made worse off by pollution but are not compensated by the market for this damage. The concept of externality was first developed by Alfred Marshall in the 1890s and achieved broader attention in the works of economist Arthur Cecil Pigou, Arthur Pigou in the 1920s. The prototypical example of a negative externality is environmental pollution. Pigou argued that a tax, equal to the m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Easement
An easement is a Nonpossessory interest in land, nonpossessory right to use or enter onto the real property of another without possessing it. It is "best typified in the right of way which one landowner, A, may enjoy over the land of another, B". An easement is a property right and type of Incorporeality, incorporeal property in itself at common law in most jurisdictions. An easement is similar to covenant (law), real covenants and equitable servitudes. In the United States, the Restatements of the Law, Restatement (Third) of Property takes steps to merge these concepts as servitudes. Easements are helpful for providing a 'limited right to use another person's land for a stated purpose. For example, an easement may allow someone to use a road on their neighbor’s land to get to their own.' Another example is someone's right to fish in a privately owned pond, or to have access to a public beach. The rights of an easement holder vary substantially among jurisdictions. Types ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Exaction
An exaction is a concept in US real property law where a condition for development is imposed on a parcel of land that requires the developer to mitigate anticipated negative impacts of the development. The rationale for imposing the exaction is to offset the costs, defined broadly in economic terms, of the development to the municipality. Exactions are similar to impact fees, which are direct payments to local governments instead of conditions on development. Exactions and takings The Supreme Court of the United States has identified several criteria for identifying when an exaction becomes a Eminent domain in the United States, taking that requires compensation under the Fifth Amendment to the United States Constitution, Fifth Amendment. Essential nexus In ''Nollan v. California Coastal Commission'', the court ruled that an exaction is legitimate if it shares an "essential nexus" with the reasons that would allow rejection of the permit altogether. In ''Nollan'' the court requir ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Joint Development
A joint venture (JV) is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and risks, and shared governance. Companies typically pursue joint ventures for one of four reasons: to access a new market, particularly emerging market; to gain scale efficiencies by combining assets and operations; to share risk for major investments or projects; or to access skills and capabilities.' Most joint ventures are incorporated, although some, as in the oil and gas industry, are "unincorporated" joint ventures that mimic a corporate entity. With individuals, when two or more persons come together to form a temporary partnership for the purpose of carrying out a particular project, such partnership can also be called a joint venture where the parties are "''co-venturers''". A joint venture can take the form of a business. It can also take the form of a project or asset JV, created for the purpose of pursuing one specific project, as a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Financing
Public finance refers to the monetary resources available to governments and also to the study of finance within government and role of the government in the economy. Within academic settings, public finance is a widely studied subject in many branches of political science, political economy and public economics. Research assesses the government revenue and government expenditure of the public authorities and the adjustment of one or the other to achieve desirable effects and avoid undesirable ones. The purview of public finance is considered to be threefold, consisting of governmental effects on: # The Economic efficiency, efficient allocation of available resources; # The distribution of income among citizens; and # The economic stability, stability of the economy. American public policy advisor and economist Jonathan Gruber (economist), Jonathan Gruber put forth a framework to assess the broad field of public finance in 2010:Gruber, J. (2010) Public Finance and Public Polic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
