Abstract

This article deals with the core of Spanish urban and land planning law: taxation and property rights fashioning in a single regulatory framework. One of the most sophisticated real estate markets in the civilised world largely relies on converting immovable assets into fungible entitlements. Any property is translated into a curious currency, named land value or use of land. This renders possible in-kind property taxation, paid to municipalities with this special currency. A wide array of techniques is at the service of this purpose, but some counterfeits must be taken into account as an unavoidable outcome of a tight restriction on the supply side.

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