land tax

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Related to land taxes: Land value 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 ?
Having paid that final installment, Noble has received confirmation from the Government of Ontario that all payments were received and that there are currently no mining land taxes owing on the patented properties within Project 81.
Table 4 sets out the relativity of revenue from recurrent land taxes as a percentage of total tax collected within Australia, which represents 5.5 per cent of the total tax revenue collected, which is an amalgam of state land tax and local government rating as at 2009/10 (ABS, 2011-12).
As the volume of revenue generated from stamp duty is significant, it is not replaceable with revenue from the recurrent land taxes in the short term, and will require a progressive phase in phase out over a significant period of 10 to 20 years.
Distributional impacts of land taxes depend on the direct impact of the tax, the impacts of other accompanying fiscal changes, and on general equilibrium reactions of asset and other prices to the package of tax changes.
A general equilibrium model is required to determine the impact of a change in land taxes on the level of rents and property prices, as well as the ratio of the two.
Finally, the land tax policy suggested above can be regarded as non-discriminatory and non-distortionary on all accounts as is generally held in the traditional as well as in optimal tax literature [Newbery (1987)], Although basically treated as inequitable, the land taxes might prove to be somewhat equitable if farm productivity varies inversely with farm size.
In spite of these good qualities, land taxes may be regarded as poor revenue raisers.
"To replace federal aid, some called for wage taxes, but we kept raising land taxes. If you tax wages, jobs leave town.
In comparison to the flat rate land taxes that are easy to manage, the progressive rate structure of agricultural income tax makes the system increasingly complex and would be difficult to enforce administratively.
If equitable taxation of agriculture is at all desirable, progression in land taxes has to be achieved in an indirect way.
Land taxes have both equity and efficiency properties that gladden the hearts of both economists and vocal politicians belonging to urban areas.
The share of land taxes in total tax revenue is generally low in the developing countries and has been declining over time.