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Investment in infrastructure three pillars of city resilienceBetterment levies / special assessment
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səhifə | 8/22 | tarix | 22.03.2024 | ölçüsü | 55,06 Kb. | | #180534 |
| LVC overview June6Betterment levies / special assessment
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Public sector taxes away a portion of land-value gain
resulting from publicly funded infrastructure upgrades
| - Riverfront in Pimpri-Chinchwad (India);
- $2 bln levied during 1997-2015 in Bogota (Columbia) to fund city-wide road/bridge upgrades
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Tax Increment Financing (TIF)
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TIF aims to capture and leverage estimated future revenues from incremental increases in collection of property (or other) taxes within a geographically specified area of redevelopment, a “TIF district”
| - Colombia and South Africa are currently piloting TIF.
- “Proxy” TIF in Greater Hyderabad (India) where conventional loans were originated to fund infrastructure projects and set to be refinanced with property tax gains
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A wealth of value capture techniques established in practice, can be classified based on the nature and timing of “value-capturing charges”
INVESTMENT IN INFRASTRUCTURE
Tax-based vs. Fee-based vs. Incentive-based
- Tax-based: betterment levies, special assessment, TIF, land value tax
- Fee-based: exactions, sale/lease of public land, sale of development rights
- Incentive-based: land pooling/readjustment, density bonus, negotiated land sale/lease with development conditions, joint development with public land as equity
Value capture timing (one-time vs. recurring; upfront vs. upon completion)
- One-time charges: exactions, sale of development rights, betterment levies, public land sale, land pooling/readjustment (upfront land contribution)
- Recurring charges: TIF, land value tax, special assessment
- Either-or: public land lease
Relevance of LVC tools may vary depending on the implementation conditions of each context (table below only indicative)
INVESTMENT IN INFRASTRUCTURE
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