TY - JOUR
T1 - Special assessments as a value capture strategy for public transit finance
AU - Zhao, Zhirong J
AU - Larson, Kerstin
PY - 2011/10/1
Y1 - 2011/10/1
N2 - Applying a benefit principle, value capture strategies enable the public sector to harness the value created through infrastructure improvements and to use the funds to pay for such improvements. This article focuses on special assessments by which property owners located within a designated geographic area, or "special assessment district (SAD)," pay for special benefits accruing to their properties that are close to certain infrastructure improvement. The authors review the history of special assessments, the extent of use, and the mechanisms for funding public transportation especially transits. The authors then evaluate the applicability of special assessments in funding public transits on the basis of four criteria: efficiency, equity, sustainability, and feasibility. Finally, the authors discuss suitable conditions for special assessments and provide legal, administrative, and technical recommendations for their use in transportation finance.
AB - Applying a benefit principle, value capture strategies enable the public sector to harness the value created through infrastructure improvements and to use the funds to pay for such improvements. This article focuses on special assessments by which property owners located within a designated geographic area, or "special assessment district (SAD)," pay for special benefits accruing to their properties that are close to certain infrastructure improvement. The authors review the history of special assessments, the extent of use, and the mechanisms for funding public transportation especially transits. The authors then evaluate the applicability of special assessments in funding public transits on the basis of four criteria: efficiency, equity, sustainability, and feasibility. Finally, the authors discuss suitable conditions for special assessments and provide legal, administrative, and technical recommendations for their use in transportation finance.
KW - special assessments
KW - transit-oriented development
KW - transportation finance
KW - value capture
UR - http://www.scopus.com/inward/record.url?scp=80053141430&partnerID=8YFLogxK
UR - http://www.scopus.com/inward/citedby.url?scp=80053141430&partnerID=8YFLogxK
U2 - 10.1177/1087724X11408923
DO - 10.1177/1087724X11408923
M3 - Review article
AN - SCOPUS:80053141430
VL - 16
SP - 320
EP - 340
JO - Public Works Management and Policy
JF - Public Works Management and Policy
SN - 1087-724X
IS - 4
ER -