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Value capture: Difference between revisions
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"Although it is not always talked about as such, the most common value capture mechanism is the general real property tax, with no special features other than regular assessment of market value; this is because the common real estate tax includes the less known [https://en.wikipedia.org/wiki/Land_value_tax land value tax]. The value of any given land is determined by its proximity to various amenities (both public and private). Thus, for example, when a new subway station or highway interchange is installed, land near the new facility becomes more valuable. Investment in capital improvements to land can synergistically generate capital investment in other nearby locations, which further increases land value. Thus, even if the rate of taxation does not change, the tax revenue generated from properties which benefit goes up by way of higher land values and increased development. The effectiveness of value capture depends, of course, on a smoothly functioning ad valorem property or land value tax system, with regularly updated assessments."
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Schweitzer, Lisa. "[https://lisaschweitzer.com/2018/02/09/what-id-fix-about-sb827-aka-that-white-paper-has-sooooooo-been-written-already/ What I’d fix about SB827, aka that white paper has sooooooo been written already]." 02/09/2018. <br/> [https://lisaschweitzer.com/2018/02/09/what-id-fix-about-sb827-aka-that-white-paper-has-sooooooo-been-written-already/. https://lisaschweitzer.com/2018/02/09/what-id-fix-about-sb827-aka-that-white-paper-has-sooooooo-been-written-already/. ]
<blockquote>"Since we are with BS827 setting up special districts around transit stations anyway, we should set up them up special assessment districts, use the transit-value and up-zone value in land appreciation to derive revenues to put into a fund for: a) rental vouchers; b) school districts with new student need from the new developments and c) transit operations and support." </blockquote> <blockquote>SOOOOOOoo is there any info on the value capture strategy of which you speak? Yes! Yes there is! It has been bigily studied and described! It’s been implemented I places. It’s been evaluated: <br/> <br/> There’s this [http://www.cts.umn.edu/research/featured/value-capture big huge lineup of reports from researchers at the University of Minnesota.]<br/> <br/> There’s this discussion [https://www.citylab.com/transportation/2014/06/how-to-make-mass-transit-financially-sustainable-once-and-for-all/372209/ The Man Himself David Levinson writing for CityLab.]<br/> <br/> [https://www.apta.com/resources/reportsandpublications/Documents/APTA-Value-Capture-2015.pdf This friendly brief from APTA!]<br/> <br/> [http://www.reconnectingamerica.org/resource-center/value-capture/ This friendly informer from the High Speed Rail Advocacy folks.]<br/> <br/> This [https://www.sciencedirect.com/science/article/pii/S1877042812027590 nice summary paper from an open access journal.]<br/> <br/> This [http://www.trb.org/TCRP/Blurbs/175203.aspx nifty book from the Transportation Research Board (a secret Illuminati organization if there ever was one).]<br/> <br/> This [https://www.brookings.edu/wp-content/uploads/2016/06/0428_transportation_funding_levinson_istrate.pdf awesome report from Brookings.]<br/> <br/> This cool study on [http://www.mapc.org/wp-content/uploads/2017/09/MAPCValueCaptureExecSumm.pdf TOD Value Capture in Massachusetts.]<br/> <br/> This little blurb [http://iff.scag.ca.gov/Pages/ValueCapture.aspx from Smart Growth California folks at SCAG who have a really helpful discussion of tools that may be used in California!]<br/> <br/> This [https://www.lincolninst.edu/sites/default/files/pubfiles/special-assessment-california_0.pdf fantastic report from the Lincoln Land Institute.] That has a GREAT submission from Mr. Windfalls for Wipeouts Himself, Dean J. Misczynski, who fist published (brilliantly) about this particular topic in 1978.<br/> <br/> From [https://www.fhwa.dot.gov/ipd/value_capture/ FHWA here.] [https://nextcity.org/daily/entry/new-california-funding-tool-eifd-financing-la-river-makeover We might, for example, just tweak this approach a bit.]<br/> <br/> [http://www.draconsultants.com/aff-taxinc.html Some private consultants have been working on this VERY IDEA in affordable housing!]<br/> <br/> [https://en.wikipedia.org/wiki/Value_capture OH BOY OH BOY IT’S GOT ITS OWN WIKIPEDIA PAGE!! ](A little light; David L, go fix it. )<br/> <br/> [https://www.planetizen.com/news/2018/01/96983-value-capture-takes-prominent-controversial-role-fixing-new-york-subway New York City is eyeballing it.]<br/> <br/> And of course, the very [http://www.vtpi.org/smith.pdf nice VTPI Report from Jeffery J. Smith and Thomas A. Gihring, which is a GIGANTICALLY LARGE annotated bibliography].</blockquote>
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