Abstract
To the extent that impact fee financing of infrastructure replaces the property tax, it shifts payment from owners of existing property to parties associated with newly devel- oping property. Rapid growth in a community is often cited as justification for this shift. A model of intergenerational equity is proposed based on benefit principle taxation and capitalization of tax costs and infrastructure benefits. The study concludes that rapid growth per se need not bur- den existing property owners unfairly. Unantici- pated rapid growth, on the other hand, can lead to excess tax burdens on existing residents that may appropriately be mitigated through impact fees. (JEL R11)
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