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Cases of land-based financial instruments in Korea

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  • Cases of land-based financial instruments in Korea
  • KRIHS GDPC
  • Korea Research Institute for Human Settlements


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Title Cases of land-based financial instruments in Korea
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Material Type Reports
Author(English)

KRIHS GDPC

Publisher

[Gyeonggi-do, South Korea] : Korea Research Institute for Human Settlements

Date 2016-07
Series Title; No KRIHS Special Report 2016
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < General
Territorial Development < Environment
Holding Korea Research Institute for Human Settlements
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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)