Challenge of capturing socially generated land values: principle versus practicality. Issue 6 (1st November 2020)

• Record Type: Journal Article
• Authors: Jones, Colin; Stephens, Mark
• Is Part Of: Town planning review. Volume 91:Issue 6(2020)
• Page Start: 621
• Page End: 641
• Publication Date: 2020-11-01
• Subjects: land-value capture -- betterment -- planning gain -- affordable housing -- planning obligations; City planning -- Periodicals; 307.1216
• DOI: 10.3828/tpr.2020.88
• Languages: English
• ISSNs: 0041-0020

Abstract

Abstract : This article provides a review of past attempts to harness the uplift in land values arising from granting planning permission to better understand the current difficulties of the use of land-value capture. The scheme has been the most successful approach to date, but the theoretical fundamentals are fudged and there are substantial policy variations between localities: a victory of practicality over principle. We argue that a tax on development value would be more effective whilst maintaining the principles of taxing socially generated land values.