Condominium

Fred E. Foldvary — The Ultimate Tax Reform: Public Revenue from Land Rent

Followers of Henry George established several model communities. In one of them, Arden, Delaware, all residential land is owned by a trust. It leases the land to the residents, who pay rent only on their leaseholds. The trust itself pays property taxes to the county. Arden has prospered as a community with fine houses and lively community activities.37

Many private communities implement the single tax on land in effect, collected as a fee or assessment. A condominium owner, for example, owns his unit and a share of the “common elements” such as building exteriors, landscaping, and recreation facilities. The unit owner pays an assessment often calculated as a “percentage interest,” based on the market value of the unit relative to other units. In effect, the unit owner is paying rent for use of the common elements.38 ... read the whole document