Liu Wei, Liu Shenmin

Keywords： Land Value Capture; Municipal Finance; Infrastructure Finance; Land Policy; Urban Planning; Property Tax

Abstract：

Rapid urbanization creates an enormous pressure on urban public infrastructure. On the one hand, cities need to invest heavily in new infrastructure; on the other hand, existing infrastructure needs to be maintained and renovated. Financing urban infrastructure in a sustainable manner is a major challenge for city governments around the world, and land value capture has proven to be an important financing tool. Implemented in coordination with laws, urban planning, and fiscal tools, land value capture enables urban governments and communities to capture the portion of land value increase that is caused by public investment and other government actions. The additional revenue can then be reinvested in the community, forming a virtuous circle between land value and public expenditure, thereby making municipal finance more sustainable. In this paper, we first review key concepts and literatures around land value capture. Then we categorize and analyze various land value capture tools around the world. Finally, we suggest ways in which China could adapt land value capture to its urban development context.

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