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 ?
However, a land value tax has yet to be adopted in any part of the UK.
Skaburskis (1995) suggests the land value tax may not be the panacea it was once believed, and perhaps the future of the land value tax lies for special development districts or as a betterment recapture tool for municipal infrastructure projects, such as public transit.
When the land value tax is applied in a small part of the housing market and the overall supply of housing in the region is unchanged, the policy can attract development activity to the area that exempts the tax on improvements.
Professor Holtham argues that Land Value Tax would encourage people to make the best use of land, bringing benefits to the Welsh economy.
The land value tax (LVT) would raise cash based on how much the land buildings stand on is worth.
Of course there are vestedinterests against such a Land Value Tax, big landowners and big business particularly, so it remains one of the best kept secrets in taxation.
We have long argued for the eventual replacement of business rates and particularly welcome the recommendation for Welsh Government to research alternative forms of taxation, including land value tax.
One way of speeding up building would be to impose a land value tax of, say, 5% per annum for the next five years.
Yes, some of that would come from a 'reformed' property tax, but the LGA also wants councils to be allowed to levy local vehicle duty, sales taxes, stamp duty on property sales, a land value tax, a tax on tourist beds, 'green' taxes -topped off with a London-style congestion charge.
Those who have the privilege of ownership should pay something back for that privilege, through a Land Value Tax.
Is it not time to introduce a land value tax on empty properties and undeveloped sites to stimulate construction and deter the hoarders of building sites?