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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Bibliography

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 ?
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.
The two revenue columns demonstrate that a land value tax would raise more from the commercial forestry and agriculture sectors than would a capital value tax, while a capital value tax would raise more from the industrial/commercial/mining sectors.
He undertook a simulation study using county-level data that examined a revenue-neutral shift for New Hampshire from a uniform property tax to a land value tax.
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.
During evidence the Cabinet Secretary for Finance, Mark Drakeford, indicated a willingness to explore the potential of alternative forms of taxation for business, including Land Value Tax.
It promotes local authorities charging higher planning fees in return for an expedited process, that councils should produce joined-up local plans with neighbouring authorities and the levying of a land value tax on all undeveloped developable land above PS2m in value to encourage new building and raise funds for investment.
They are promising no student tuition fees, a land value tax to replace council tax and a scheme to insulate every Scottish home.
The Barker Report discusses in detail the pros and cons of introducing a land value tax at a rate that would help to provide the appropriate infrastructure to support new development and boost housing supply.
The different instruments of VCF are ; Land Value Tax, Fee for changing land use, Betterment levy, Development charges, Transfer of Development Rights, Premium on relaxation of Floor Space Index and Floor Area Ratio, Vacant Land Tax, Tax Increment Financing, Zoning relaxation for land acquisition and Land Pooling System.
The taxes proposed by the Bevan Foundation: | Tourism Levy | Innovation Tax Credits | Workforce Development Levy | Sugar Tax | Sunbed Tax | Takeaway Packaging Tax | Land Value Tax | Water Tax Mark Drakeford, Cabinet Secretary for Finance and Local Government, said: "The power to introduce new Welsh taxes could be used to improve the lives and wellbeing of people across the country.