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Have you ever wondered why there are so many vacant lots in our cities, especially in areas that have been zoned for development?
Why do some landowners leave their land idle and undeveloped, while others build homes, businesses, and amenities on theirs?
Why do some landowners leave their land idle and undeveloped, while others build homes, businesses, and amenities on theirs?
The answer lies in the way we tax property.
Under the current system, property taxes are based on the value of both the land and the buildings on it.
This means that landowners who improve their land by building on it pay more taxes than those who leave it vacant.
Under the current system, property taxes are based on the value of both the land and the buildings on it.
This means that landowners who improve their land by building on it pay more taxes than those who leave it vacant.
This encourages land hoarding.
Landowners can buy prime land and leave it empty, waiting to sell it for more.
They pay little taxes for their unused land, but get public benefits.
Landowners can buy prime land and leave it empty, waiting to sell it for more.
They pay little taxes for their unused land, but get public benefits.
This is bad for everyone.
It takes away land that we need for living, working, and playing.
It makes us pay more for less.
It causes sprawl, injustice, and pollution.
It takes away land that we need for living, working, and playing.
It makes us pay more for less.
It causes sprawl, injustice, and pollution.
How to fix this?
Try land value taxes (LVT).
They tax land based on its value, not any buildings or improvements.
Landowners pay the same whether they build on it or leave it vacant.
Try land value taxes (LVT).
They tax land based on its value, not any buildings or improvements.
Landowners pay the same whether they build on it or leave it vacant.
LVT can discourage speculation on vacant lots and encourage development and beneficial land uses.
Landowners who hold vacant lots would have to pay higher taxes based on the potential value of their land, which would reflect its location, zoning, demand, and amenities.
Landowners who hold vacant lots would have to pay higher taxes based on the potential value of their land, which would reflect its location, zoning, demand, and amenities.
This would create a positive incentive for development.
Landowners who develop their land by building on it would not pay more taxes than those who leave it vacant.
They would also increase the value of their buildings and the attractiveness of their neighborhoods.
Landowners who develop their land by building on it would not pay more taxes than those who leave it vacant.
They would also increase the value of their buildings and the attractiveness of their neighborhoods.
LVT can make our cities more livable, vibrant, and equitable.
They can increase the supply and diversity of housing, commerce, recreation, and other uses.
They can also generate more revenue for public services and infrastructure that benefit all residents.
They can increase the supply and diversity of housing, commerce, recreation, and other uses.
They can also generate more revenue for public services and infrastructure that benefit all residents.
Land Value Taxes (#LVT) are a more fair and efficient way to tax property that aligns with our values and goals.
If you want to learn more about #LandValueTaxes or support its implementation, check out these resources: localhousingsolutions.org/housing-policy…
If you want to learn more about #LandValueTaxes or support its implementation, check out these resources: localhousingsolutions.org/housing-policy…
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