What other property tax reforms can be considered to support the Valuation Reform Act? Subject to further study and consultation, the following may be considered to supplement land valuation reform:
- A national betterment levy with the establishment of an infrastructure fund: Imposition of a national betterment levy to capture increased values of properties benefited by NG projects, such as the Build, Build, Build Program of the Government. The unearned value (increases in land value which otherwise profit private landowners cost-free) may be captured directly by converting them into government revenue.
- Adjustment of the zero-rate assessment level: Adjust the zero (0 percent) assessment level on building and other structures based on inflation rates and current prices.
- Encourage ROW acquisition: Pass a land trust law that allows private landowners on which infrastructure is built to continue owning their property in exchange for an annual income stream equivalent to rent for the landowner.
- Improve enforcement of Idle Land Tax: Regulate land banking and speculation, encourage development, and promote responsible property ownership and management.