[RP TownTalk] Land Value Tax, Re: TownTalk Digest, Vol 10, Issue 39

[Jack Randall Jones]

Dear Towntalk,

My phone is 301-277-2242. I am willing to talk with anyone or group that wishes
to gain a better understanding of the issue.

In terms of all of us who have to pay higher taxes for those who are 
speculating on increased land value and who will reap a windfall on 
sale of their land that has increased in value through the economic 
actions of others...consider that just the vacant land is underpaying 
$131,651/year (in 2003 dollars), underused land would add to this 
total. Over the past 15 years, had the town adopted the LVT, this is 
a sample of yearly savings for good economic citizens.

$96,310	1991		If memory serves, these figures
$119,162	1999		amount to about 10% of the Town's
$131,651	2003		budget in any given year.
$143,291	2006

Assuming straight line inflation for the 15 years, that is about 
$1,800,000 total, or about
$1,130 for each of the 1592 properties in town at that time, of which 
171 are vacant.

I would rather not pay for land speculator's and run down property 
owner's profits...but I am only one vote...you other homeowners are 
going to have to push for this change, in mass, or it will not 
happen. Keeping the system you have is not going to solve the 
problems it has caused...only a change to a rational revenue system 
is going to make Riverdale better...your choice.

Sincerely,
Jack
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PS: a few bits of data from 2003 assessments

The Land Tax  is better than The Improvements and LandTax Combination 
(current tax method) for Economic Development.
If Riverdale Park taxed only land then the vacant land would have to 
pay its Fair Share.
20 Vacant Industrial Lots would pay a total of $76, 904 more in taxes
42 Vacant Commercial Lots would pay a total of $25,391 more in taxes
7 Vacant Multifamily Lots would pay a total of $3,965 more in taxes
   60 Vacant Residential Lots would pay a total of $25,391 more in taxes
This also means that those lots where owners are making better use of 
the land, will pay less in taxes than they currently pay.
Information based on Riverale Park 2003 Assessments
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