What is a land-value tax?
t’s a tax raised on the underlying value of a piece of land, the “unimproved” value, rather than on the property sitting on it. Indeed, the point of such a tax is that it applies whether or not a plot of land is developed at all. The basic idea is that land gets most of its market value from its location – and in particular from the surrounding infrastructure paid for by generations of taxpayers – rather than from the calibre of the building that sits on it. It is reasonable, therefore, for the state