| Abstract |
Windfalls (benefits deriving from increased land values as a byproduct of government land - use regulation or other causes not directly involving the owner) should be partially recaptured to help compensate for wipeouts (losses from decreased land values having the same origin), thus reducing inequities. This is the theme of 'Windfalls and Wipeouts,' a booklet international in scope and based on experiences of five countries -- Australia, New Zealand, Canada, England, and the U.S. Summarized in this booklet (the work), covers all known techniques of mitigating and recapturing windfalls and wipeouts from land - use planning and regulation and also deals with economics, law, and planning. Two models introduce readers to both a comprehensive system for dealing with windfalls and wipeouts and a limited system for mitigating wipeouts from land - use controls and recapturing windfalls sufficient to fund those payments. The techniques used in these models are detailed individually. They include (1) nuisances of private parties -- court - ordered termination of private or public nuisance or compensation for damage, (2) government nuisance -- government payment of damages, (3) taking -- owner - initiated inverse condemnation damages, (4) planning and regulatory acquisition, (5) compensatory regulation, (6) special assessments to recapture increments, (7) recapture under reclamation law, (8) exactions on development permission, (9) impact taxes on windfall earnings, (10) sale of development permission, (11) land - value taxation, (12) the Uthwatt proposal to reassess land values every 5 years, (13) transfer taxes or sales tax based on real property value at transference, (14) special capital and windfall real estate taxes, (15) government compensation for landowners suffering financially from downzoned land, and (16) transfer of development rights. The book is a reference for land economists, planners, and lawyers. |
