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Energy and Environment

Cases of land-based financial instruments in Korea

  • Cases of land-based financial instruments in Korea
  • KRIHS GDPC
  • [Gyeonggi-do, South Korea] : Korea Research Institute for Human Settlements
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Title Cases of land-based financial instruments in Korea
Author KRIHS GDPC
Publisher [Gyeonggi-do, South Korea] : Korea Research Institute for Human Settlements
Publication Date 2016 - 07
Material Type Report
Country South Korea Holding Korea Research Institute for Human Settlements
Language English License
Series Title KRIHS Special Report 2016

Abstract

The most ideal model of land development would be to reinvest gains from land development in land development. Such land-based financing could be applied in a different way in each country, as land incorporates a country’s historical, social, economic and cultural contexts. Generally speaking, however, land-based financing can be categorized into tax-based, fee-based, and incentive/collaborative-based instruments. First, a tax-based instrument includes capital tax, property possession tax and special assessments. Second, the examples of a fee-based instrument are community infrastructure levies, impact fees and development charges. Third, the examples of an incentive/collaborative-based instrument are land readjustment, business improvement district, transit-oriented development with land value sharing between the public and private sector. This study takes a look at development charges, which falls under a fee-based instrument .., as well as the pre-negotiation system, a type of the public-private partnership, which falls under an incentive/collaborative-based instrument. In the 1960s and 1970s when both public and private sector lacked funds, Korea resorted to land readjustment, which enables self-financing for land development. (The rest omitted)

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