land tax

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land tax,

impost levied upon real property. It is sometimes called a real estate tax, especially when assessed against both improved and unimproved land. Probably the earliest direct tax and formerly the chief source of government revenue, it was known in ancient China and Egypt. Until modern times, European countries depended on it almost exclusively. In the United States the land tax (including the tax on improved property) has been the chief method of collecting local revenue, accounting for some 25% of all state and local government receipts. The tax may be assessed on the sale value of the property, although a fairer method is classification of the land according to its productiveness. For special theories of land tax, see physiocratsphysiocrats
, school of French thinkers in the 18th cent. who evolved the first complete system of economics. They were also referred to simply as "the economists" or "the sect." The founder and leader of physiocracy was François Quesnay.
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; single taxsingle tax,
any levy that serves as the government's only source of revenue. Generally, however, it is understood to mean a tax derived from economic rent and used as the sole source of public receipts.
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See R. T. Ely and E. W. Morehouse, Elements of Land Taxation (1924); H. Brown et al., ed., Land-Value Taxation Around the World (1955); H. P. Wald, Taxation of Agricultural Land in Underdeveloped Economies (1959).

References in periodicals archive ?
(47) The graduated land value tax the CIH eventually proposed offered the state a vehicle for stimulating the land market and creating land ownership opportunities for new immigrants.
(2008) "Distributional consequences of converting the property tax to a land value tax: Replication and extension of England and Zhao." National Tax Journal, 61(4): 593-607.
This brings to mind the work by Lindholm (1972), who suggested the land value tax is a tax on wealth, which is more unequally distributed than income.
Thus, a single rate proportional land value tax (with no exemptions) would fall more heavily on existing property owners within land-based industries.
Despite the probable challenges to proposing a land value tax, they argue that state and local officials should seriously consider this option.
The IEA has published Harrison's alternative proposal for an annual land value tax (LVT) on all sites in the belief that this initiative could work in harmony with the flee market, and that without this reform we will always be underinvesting in transport and our other infrastructure needs.
This inquiry will be able to consider the case for reforms along these lines as well as the strengths and weaknesses of other taxes at the local level, including a land value tax and the system of business rates.
He argued that land should be taxed at 100 percent of its "rental value." (2) George reasoned that the land value tax would increase efficiency (and the wealth of society) by allowing governments to abolish taxes on improvements to land, as well as eliminate all other forms of taxation.
The consequences of moving from a general property tax to a land value tax in the Toronto and Ottawa regions are assessed by interviewing developers, planners and municipal finance officers.
In recognition of this, the government has conducted a comprehensive review of the land tax system and has enacted a series of fiscal measures, including the adoption of a Land Value Tax, reform of capital gain taxation on land transfer, the introduction of a special land-holding tax on under-utilised land and a strengthening of the inheritance and local land-holding taxes on agricultural land in urban areas.(32) The increased costs of landholding are expected to reduce land prices by increasing hoarding costs, thus adding to the effective supply of land.