Browsing by Subject "Land value"
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Item Assessing the impacts of Light Rail Transit on urban land in Manila(Journal of Transport and Land Use, 2010) Pacheco-Raguz, JavierThis paper presents an assessment of impacts of Light Rail Transit Line 1 (LRT1) in terms of accessibility and distance as they relate to variables such as land values, land uses, and population densities in Manila, Philippines. Using correlations and regressions, these variables are analyzed against an accessibility index and network distances obtained from a model built within a Geographic Information System (GIS). Land values, land uses, and population densities are influenced in a limited, though consistent, way by the accessibility provided by LRT1 and the distance to it. The analysis of impacts after the construction of LRT1 found that accessibility and distance were only consistent influences for residential land values, with marginal results for the rest of the variables. These results, when contrasted with the urban configuration of Manila and the studies reviewed, show that the limited impacts may be a consequence of good accessibility before LRT1 and the lack of complementary planning and policies for taking advantage of its influence.Item Evaluation of the land value-added benefit brought by urban rail transit: The case in Changsha, China(Journal of Transport and Land Use, 2021) Tang, Wenbin; Cui, Qingbin; Zhang, Feilian; Yan, HongyanAccurate evaluation of land value-added benefit brought by urban rail transit (URT) is critical for project investment decision making and value capture strategy development. Early studies have focused on the value impact strength under the assumption of the same impact range for all stations. However, the value impact range at different stations may vary owing to different accessibilities. Therefore, the present study releases this assumption and incorporates the changed impact range into the land value-added analysis. It presents a method to determine the range of land value-added impact and sample selection using the generalized transportation cost model, then spatial econometric models are further developed to estimate the impact strength. On the basis of these models, the entire value-added benefit brought by URT is evaluated. A case study of the Changsha Metro Line 2 in China is discussed to demonstrate the procedure, model, and analysis of spatial impact. The empirical analysis shows a dumbbell-shaped impact on the land value-added benefit along the transit line with a distance-dependent pattern at each station. In addition, the land value-added benefit from Changsha Metro Line 2 reached 12.099 billion USD. Lastly, two main value-added benefit capture modes are discussed, namely, land integration development and special land tax.Item Understanding spatial variations in the impact of accessibility on land value using geographically weighted regression(Journal of Transport and Land Use, 2012) Du, Hongbo; Mulley, CorinneThis paper aims to understand the spatial variability in house prices and accessibility. The motivation for understanding the connection between accessibility and house prices stems from the increasing attention given in recent years to the potential for funding transport infrastructure by land value capture policies. Establishing whether there is identifiable land value uplift, and further quantifying this uplift, is a prerequisite to sensible discussions on the potential for land value capture. Although there has been substantial related research in the United States, not only have there been fewer studies in the United Kingdom, but these have concentrated on London. London, as a capital city, differs in many respects from other cities. Large conurbations such as Manchester, Sheffield, and Tyne and Wear are more typical of British cities. This study focuses on the Tyne and Wear area, which has an extensive public transport system, with a light rail system—the Tyne and Wear Metro—forming the backbone of the public transport system. The investigation reported in this paper is underpinned by the use of Geographically Weighted Regression (GWR) methodology with property prices as the dependent variable, which in turn is explained by independent variables designed to standardize for household features and spatially defined factors including the transport accessibility of the house location. This methodology allows for estimation of the importance of transport accessibility in determining house prices. The empirical results show that, on average, the internal factors of the property and the socioeconomic classification of its location are dominant determinants of property prices, but transport accessibility variables are also significant. However, the local model approach of GWR shows a significant spatially varying relationship between property prices and transport accessibility to be identified. This study contributes to a quantification of the impact of accessibility on house prices. Moreover, the paper demonstrates the application of a relatively new methodology in the transport field that takes account of the spatial nature of the data required in this process.Item Value Capture for Transportation Finance: Report to the Minnesota Legislature(Center for Transportation Studies, University of Minnesota, 2009-06) Iacono, Michael; Levinson, David; Zhao, Zhirong (Jerry); Lari, AdeelAs vehicles become more fuel-efficient and overall levels of travel stagnate in response to increases in fuel prices, conventional sources of revenue for transportation finance such as taxes on motor fuels have been put under increasing pressure. One potential alternative as a source of revenue is a set of policies collectively referred to as value capture policies. In contrast to fuel taxes and other instruments that impose charges on users of transportation networks, value capture policies seek to generate revenue by extracting a portion of the gains in the value of land that result from improvements to transportation networks. In this report we identify a set of eight policies that contain elements of the value capture approach. These policies include land value taxes, tax increment financing, special assessments, transportation utility fees, development impact fees, negotiated exactions, joint development, and air rights. We evaluate each of the policies according to four criteria: 1) efficiency, which relates to how well the policies allocate scarce resources, 2) equity, which describes the fairness of resource allocation among different strata of society, 3) sustainability, which refers to the ability of the policy to serve as an adequate, reliable source of transportation revenue, and 4) feasibility, which refers to the degree of political and administrative difficulty associated with each policy. Since these policies are targeted toward use at the state and local level in Minnesota, we conclude by examining some legal and administrative issues related to the implementation of each policy with special reference to Minnesota.Item Value Capture for Transportation Finance: Technical Research Report(Center for Transportation Studies, University of Minnesota, 2009-06) Lari, Adeel; Levinson, David; Zhao, Zhirong (Jerry); Iacono, Michael; Aultman, Sara; Vardhan, Das; Junge, Jason; Larson, Kerstin; Scharenbroich, MichaelAs vehicles become more fuel-efficient and overall levels of travel stagnate in response to increases in fuel prices, conventional sources of revenue for transportation finance such as taxes on motor fuels have been put under increasing pressure. One potential alternative as a source of revenue is a set of policies collectively referred to as value capture policies. In contrast to fuel taxes and other instruments that impose charges on users of transportation networks, value capture policies seek to generate revenue by extracting a portion of the gains in the value of land that result from improvements to transportation networks. In this report we identify a set of eight policies that contain elements of the value capture approach. These policies include land value taxes, tax increment financing, special assessments, transportation utility fees, development impact fees, negotiated exactions, joint development, and air rights. We evaluate each of the policies according to four criteria: 1) efficiency, which relates to how well the policies allocate scarce resources, 2) equity, which describes the fairness of resource allocation among different strata of society, 3) sustainability, which refers to the ability of the policy to serve as an adequate, reliable source of transportation revenue, and 4) feasibility, which refers to the degree of political and administrative difficulty associated with each policy. Since these policies are targeted toward use at the state and local level in Minnesota, we conclude by examining some legal and administrative issues related to the implementation of each policy with special reference to Minnesota.