A Philadelphia Story: Exporting Tax Reform that Works
|November 5, 2013||Posted by Staff under Uncategorized|
This 2013 excerpt of the City Paper, July 25, is by Ryan Briggs.
Connecticut Gov. Daniel Malloy signed into law House Bill 6706, setting in motion a process by which certain municipalities would be able to implement something called a Land Value Tax (LVT). LVT is a form of property tax that only taxes the value of land, and not improvements on the land.
The legislation was authored with help from the obliquely named Center for the Study of Economics (CSE), a spin-off of the Henry George Foundation of America. The foundation was created to carry on the mission of the Victorian-era economist Henry George, who was born in Philadelphia and advocated for LVT. The eponymous foundation has been working since the 1930s to carry on his vision.
After languishing for a good century or so, the taxation formula has piqued the interest of city administrators in a number of older American cities that have struggled with abandonment and vacant land.