Land Value Capture comes to Ontario
Frank de Jong
As predicted, after trying everything else first, Metrolinx decided to finance transit the sensible way. Who could have dreamed that upper level muck-a-mucks would actually do the right thing??? Transit authorities around the continent will be watching, and will emulate if successful. Folks, we've changed Toronto and maybe the continent.
The next step, of course, would be full Land Value Taxation -- where governments to collect the rental value of all land and resources, both private and public, and eliminate all other taxes.
Globe and Mail: Toronto transit agency Metrolinx to take ‘modest first step’ into real estate
Toronto Star: Metrolinx to sell development rights at Eglinton Crosstown LRT stops
Bill Winegard
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Frank Remiz
Yes, it’s great that ‘land value capture’ will be incorporated into the leasing & sale of space around the new transit stations. However, it will apply on Metrolinx-owned property at the stations.
As many of you surely know, there is another opportunity that risks getting missed here. I elaborate on that below. I’d like to communicate that (our) perspective with the City of Toronto Planning Dept. But I need help identifying the Toronto City Planner handling this file. Once I have that, I (or we) can send a letter, which may help inform their decision-making, whether now or in the future.
One of my points is that the planned LVC will be collected with a development-based approach and the use of Development Charges in certain municipalities. Efforts will be needed to ensure that the developments are designed & approved in such a way as to maximize LVC, which means good building design, etc.
Here is my main point: There is other land that will also increase in value: possibly the land bordering the transit line itself, and definitely the land radiating 500 m from a transit station. The latter could be valued 10 – 20% higher (11% in the case of Montreal, according to a 2011 study). Much of that land is owned neither by Metrolinx (a government agency) nor governments. Instead, it is privately owned (commercial or residential).
On those properties, a special tax or levy should be imposed annually, to reflect the inevitable windfall gains. Such measures are discussed further in a 2009 Trillium Business Strategies Inc. document. Administratively, it would be necessary for the relevant departments at the City, Regional and Provincial level to get involved. The process could be integrated with the annual property tax billing, or done separately. Certainly there would be challenges with the calculations. Even a nominal amount would be better than nothing, as it would help to entrench the concept into public understanding, and pave the way for a future wider adoption.
That revenue belongs, essentially, to all citizens in the region.
…Frank Remiz
Justin Trottier
Justin
Justin Trottier
Spokesperson, Canadian Secular Alliance
Director, Canadian Centre for Men and Families
Host, The Star Spot Radio Show and Podcast
152 Carlton Street, Unit 201
(mail to 201-2 Homewood Ave)
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