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The highest and best use of the site is to demolish the house and sell the site as a commercial lot. The market value would be $225,000 ($250,000 site value minus $25,000 demolition cost). However, if the demolition costs rose to $55,000, the highest and best use would be the existing residential use, because the value as a commercial lot (now ...
A land value tax (LVT) is a levy on ... It sets a maximum tax rate of 1.2% on commercial and vacant land, 0.3% on residential land and 0.15% on agricultural land ...
t. e. Median household income and taxes. Most local governments in the United States impose a property tax, also known as a millage rate, as a principal source of revenue. [1] This tax may be imposed on real estate or personal property. The tax is nearly always computed as the fair market value of the property, multiplied by an assessment ratio ...
Imputed rent is the rental price an individual would pay for an asset they own. The concept applies to any capital good, but it is most commonly used in housing markets to measure the rent homeowners would pay for a housing unit equivalent to the one they own. Imputing housing rent is necessary to measure economic activity in national accounts.
Unearned increment. Unearned increment is an increase in the value of land or any property without expenditure of any kind on the part of the proprietor; it is an early statement of the notion of unearned income. It was coined by John Stuart Mill, who proposed taxing it so that it benefits every member of a society.
Betterment. In real estate, betterment is the increased value of real property from causes other than investment made by the property owner. [1] It is, therefore, usually referred to as unearned increment or windfall gain. When, for instance, a property is rezoned for higher-value uses, or nearby public improvements raise the value of a piece ...
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