> Just ask people what the base land value of each location is.
This “step 1” mentioned in the article doesn’t scale, as for example to get enough individual-reported valuation data for each parcel of land that one would have to get an entire community to “vote” (answer) on the land value for each part of their jurisdiction (for example the entire county of San Francisco). For areas outside of one’s jurisdiction (to reduce bias by asking people to vote on land value outside their jurisdiction), the amount of information one has is limited and thus the reporting can be biased. The safest way to get the best valuation of any asset, is to take a playbook from the financial markets for whereby buyers have a direct incentive to best judge the valuation of the asset of any financial instrument for in order to maximize profit from the direct sale of the said asset. However, with the above valuation method cited in the article that there is no direct incentive for people to get correct or incorrect about their answers to land parcel valuations.
Furthermore, the part which LVT doesn’t address well is the valuation adjustments for the property built on the land itself, for example a good Leed certified building with a “good view” versus a run-down building requiring maintenance would have different valuations for which only a property taxation system (based on market value of the property value) will be able to infer. However, overall having a world where built properties on valuable parcels of land can be monopolized, just “seems” wrong.
This “step 1” mentioned in the article doesn’t scale, as for example to get enough individual-reported valuation data for each parcel of land that one would have to get an entire community to “vote” (answer) on the land value for each part of their jurisdiction (for example the entire county of San Francisco). For areas outside of one’s jurisdiction (to reduce bias by asking people to vote on land value outside their jurisdiction), the amount of information one has is limited and thus the reporting can be biased. The safest way to get the best valuation of any asset, is to take a playbook from the financial markets for whereby buyers have a direct incentive to best judge the valuation of the asset of any financial instrument for in order to maximize profit from the direct sale of the said asset. However, with the above valuation method cited in the article that there is no direct incentive for people to get correct or incorrect about their answers to land parcel valuations.
Furthermore, the part which LVT doesn’t address well is the valuation adjustments for the property built on the land itself, for example a good Leed certified building with a “good view” versus a run-down building requiring maintenance would have different valuations for which only a property taxation system (based on market value of the property value) will be able to infer. However, overall having a world where built properties on valuable parcels of land can be monopolized, just “seems” wrong.