Spatial and Dynamic Features of Land Value Capture: A Case Study from Bogotá, Colombia

Nestor Garza

Public Finance Review, 2019, vol. 47, issue 3, 603-622

Abstract: This article assesses the neutrality of Captura de Plusvalía , a land value capture policy implemented in Bogotá (Colombia) in 2004. The case offers a rare opportunity for assessment because the policy application had a scattered spatial and temporal structure but on an urban agglomeration ruled by a single master plan and revenue collecting authority. The analysis reveals that (a) the relationship between value capture and prices is negative (static neutrality); (b) this result holds under various spatial specifications and controls; (c) the policy is not endogenous to the built output or the spatial distribution of the land prices; and (d) there is no evidence of preemption, a theoretical feature where landowners consider that the policy onset represents a regulatory taking, compelling them to accelerate developing timing (dynamic neutrality).

Keywords: value capture; land taxation; Bogotá; Colombia; urban development (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:sae:pubfin:v:47:y:2019:i:3:p:603-622

DOI: 10.1177/1091142117714551

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