Guidebook to Funding Transportation Through Land Value Return and Recycling (2018) / Chapter Skim
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Pages 13-19
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From page 13... ...
13 Why Don't We Pay for Infrastructure in the Same Way We Pay for Other Goods and Services? An understanding of the principles underlying public goods and services is helpful before an examination of the topic of land value return and recycling (land value return)
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From page 14... ...
14 Guidebook to Funding Transportation Through Land Value Return and Recycling increases in value as a result of the accessibility gains provided by proximity to the transportation system. Figure 2-1 depicts a simple scenario that illustrates the beneficiary pays principle.
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From page 15... ...
Understanding Land Value Return and Recycling 15 inefficient use of the transportation system. Likewise, failing to collect fees commensurate with the costs imposed can lead to land use that is incompatible with the transportation network, such as underutilization of land where infrastructure capacity exists or premature urbanization of land where infrastructure capacity is lacking.
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From page 16... ...
16 Guidebook to Funding Transportation Through Land Value Return and Recycling funding for transportation investments but also can either incentivize or discourage certain behaviors related to land use. Land value return fees, by definition, are the same on both developed and undeveloped land parcels; that is, land value return fees do not impose fees on improvements (e.g., buildings, which are privately created value)
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From page 17... ...
Understanding Land Value Return and Recycling 17 policy goals related to economic development and transportation system performance if there is directed effort at targeting those goals. The rationale for this is that land value return methods are driven by internalization of positive externalities generated by an investment.
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From page 18... ...
18 Guidebook to Funding Transportation Through Land Value Return and Recycling Withholding sites from development creates an artificial scarcity of developable land. Such a scarcity can result in increased land prices and encourage more land speculation that pushes residents and businesses to locate on cheaper but more remote sites.
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From page 19... ...
Understanding Land Value Return and Recycling 19 play in regulating and taxing property. Whereas federal and state funds are the primary funding sources for most major transportation investments, much of the capitalization of these benefits into land value is dependent on local regulations relating to permissible property use, density, and local provision of other facilities and services.
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