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The land value transfer tax on unearned increments.
Governments often find themselves in search of new taxes to provide additional revenues or in need of major tax reform in order to realign the tax burden to conform with public policy. California, the central reference point in this paper, may be considering new forms of land value taxation and reform of the property tax. The California Supreme Court decision Serrano versus Priest, the Watson initiatives, and the 1973 statewide Proposition One election, all which relate to property taxation, provide recent evidence of pressures for tax reform or property tax relief. The purpose of this project is to evaluate the feasibility of implementing a new tax, the land value transfer tax on unearned increments, which has been proposed in California but about which little is generally known.