A Welfare Analysis of the Site Value Taxation Model

Chin W Yang and Means, Dwight B,

The Journal of Real Estate Finance and Economics, 1992, vol. 5, issue 3, 90 pages

Abstract: This study is a short-run version of J. Brueckner's (1986) (long-run) analysis of graded tax systems. Brueckner assumes a long-run market equilibrium that allows for changes in the market value of the land with a zero profit condition. It is the authors' contention that it is more realistic to solve for the short-run conditions with fixed value of land. Under these conditions, they find that if land is relatively inexpensive, the graded tax system leads to superiority in terms of "k" (capital improvement per unit of land), "Q" (initial housing output), and "CS" (Consumers' Surplus). With steeper inverse demand curves and greater marginal product and initial housing output, the land tax has a more negative impact on profit with graded tax systems. Copyright 1992 by Kluwer Academic Publishers

Date: 1992
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