land tax


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Related to land tax: property tax, Stamp duty land tax

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 article should have made clear the extent to which the history of the development of cotton culture in Russian Turkestan is interwoven with the history of the land tax: not only with the amount of land tax but also with the methods of land-tax apportionment and collection.
Last year, airport officials paid the equivalent of $2.9 million in land taxes; this total was raised nearly 250 percentage points to $7 million by a parliamentary vote in December 2011.
Land tax existed from the 17th to the 20th century, before being abolished in 1968, and the new collections of returns list the owners and occupiers of properties subject to the tax in England and Wales.
In general, market rents are likely to be a function of the real interest rate, r, the land tax rate, t, and other costs or benefits associated with the land, k, which may include local authority rates payments, maintenance charges and any expected rate of real capital gain/loss on the land.
Meena, on his part, conceded that his company didn't pay the land tax, but was ready with an excuse.
The need for reform of the nation's tax regime has recently been set out in Fred Harrison's book Wheels of Fortune: Self-funding Infrastructure and the Free Market Case for a Land Tax, (2) published by the free-market think-tank the Institute of Economic Affairs (IEA).
This was because Stamp Duty Land Tax was charged on a basis which included the profit generated in the contract.
Stamp duty land tax is payable on the full amount of the applicable rate for the whole of the purchase price.
the Chancellor's recent statement that the Government is considering introducing some form of development land tax.
Fifth, a direct tax such as a land tax per unit of land has an upper limit determined by profit rates per unit of land.