Abstract
Value capture means capturing in some way the value of an investment in public infrastructure. Value capture methods include five forms of property-related taxes: a tax on land value uplift, a broad-based land tax, selective land tax, property taxes and transaction taxes. They may also include three forms of user charges: developer charges, consumer charges and sale of development rights. The paper assesses these options against three standard policy objectives of efficiency, equity and practicality. The paper finds that all three main forms of user charges meet these criteria. Special area land and property taxes may be appropriate in limited cases. Pure betterment taxes on land value uplift are rarely practical.
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