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<table border="0" cellpadding="3" cellspacing="1" width="100%" class="forumline"> <tr> <th class="thCornerL" width="22%" height="26">Author</th> <th class="thCornerR">Message</th> </tr> <tr> <td width="22%" align="left" valign="top" class="row1"><span class="name"><a name=""></a><b>Taxpayer</b></span></td> <td class="row1" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="templates/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Posted: Tue, Aug 7 2007, 1:49 pm EDT<span class="gen"> </span> Post subject: Split Tax Would Encourage Buildings - Not Vacant Lots</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody">Split Tax Would Encourage Buildings - Not Vacant Lots <br /> <br />December 17, 2006 <br />By JEFFREY P. COHEN <br /> <br />Legislation proposed earlier this year would have authorized Connecticut's large cities to levy a two-rate tax, also known as a "split tax," on land and buildings. Mayor Eddie Perez supported the idea, and is likely to push for it again next year. <br /> <br />At present, the tax rate is the same on land and buildings, but the assessment, the valuation of the property for tax purposes, is different. <br /> <br />On average in Hartford, 15 to 20 percent of an assessment is for the land and 75 to 80 percent is the value of the building (For downtown high-rises, well over 90 percent of the valuation is for the building.) So if a property is assessed at $100,000, to use a round number, $80,000 to $85,000 is the value of the building and $15,000 to $20,000 is the land it sits on. <br /> <br />Since the tax rate is the same, the owner pays much more tax on the building than on the land. <br /> <br />What if that were reversed? What if the majority of tax were instead paid on the land? Would the change make a difference? Would it be sound public policy for Hartford? <br /> <br />A high tax rate on buildings in Hartford might be part of the explanation for urban decay, because it encourages the abandonment of marginal buildings and discourages repairs, because the work will cause taxes to rise. <br /> <br />So, the higher tax on buildings leads to a decrease in the number, quality and sizes of buildings that residents and businesses want. In a number of cases, major buildings have been demolished to save on the tax bill. <br /> <br />Unlike the number, quality and size of buildings, the amount of land in Hartford cannot change, regardless of whether the land tax rate rises or falls. An owner cannot demolish land to save on taxes. So an increase in land tax would not affect property owners' behavior in the same way as a higher tax on buildings. In theory at least, since there would be less tax avoidance, the city would collect more tax revenue. <br /> <br />Advocates of the split tax believe lower taxes on buildings would encourage renovation and new construction, because there'd be less of a penalty for doing the work. Also, there would be a greater incentive for people to replace abandoned buildings and parking lots with useful structures such as affordable housing. <br /> <br /><a href="http://www.hartfordinfo.org/issues/documents/Region/htfd_courant_121706.asp" target="_blank">http://www.hartfordinfo.org/issues/documents/Region/htfd_courant_121706.asp</a></span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="templates/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> </table>
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