Cardiff University | Prifysgol Caerdydd ORCA
Online Research @ Cardiff 
WelshClear Cookie - decide language by browser settings

Bus stop, property price and land value tax: A multilevel hedonic analysis with quantile calibration

Wang, Yiming, Potoglou, Dimitris, Orford, Scott and Gong, Yi 2015. Bus stop, property price and land value tax: A multilevel hedonic analysis with quantile calibration. Land Use Policy 42 , pp. 381-391. 10.1016/j.landusepol.2014.07.017

[img]
Preview
PDF - Published Version
Available under License Creative Commons Attribution.

Download (1MB) | Preview

Abstract

Based on a multilevel and quantile hedonic analysis regarding the local public bus system and the prices of residential properties in Cardiff, Wales, we find strong evidence to support two research hypotheses: (a) the number of bus stops within walking distance (300–1500 m) to a property is positively associated with the property's observed sale price, and (b) properties of higher market prices, compared with their cheaper counterparts, tend to benefit more from spatial proximity to the bus stop locations. Given these statistical findings, we argue that, land value tax (LVT), albeit a classic political idea dating back to the early 20th century, does have contemporary relevance and, with modern geographic information technologies, can be rigorously analysed and empirically justified with a view to actual implementation. Levying LVT will not only generate additional fiscal revenues to help finance the development and maintenance of local public infrastructures, but will also ensure a more just distribution of the economic welfare yielded by public investment.

Item Type: Article
Date Type: Publication
Status: Published
Schools: Geography and Planning
Sustainable Places Research Institute (PLACES)
Subjects: H Social Sciences > HT Communities. Classes. Races
Uncontrolled Keywords: Land value tax; Transport infrastructure; Bus stop; Property price
Publisher: Elsevier
ISSN: 0264-8377
Funders: British Academy/Leverhulme
Last Modified: 26 Oct 2017 14:08
URI: http://orca.cf.ac.uk/id/eprint/64033

Citation Data

Cited 5 times in Google Scholar. View in Google Scholar

Cited 8 times in Scopus. View in Scopus. Powered By Scopus® Data

Cited 2 times in Web of Science. View in Web of Science.

Actions (repository staff only)

Edit Item Edit Item

Full Text Downloads from ORCA for this publication

Top Downloads of this item by Country

Monthly Full Text Downloads of this item

More statistics for this item...