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Spatial and Dynamic Features of Land Value Capture: A Case Study from Bogotá, Colombia

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  • Néstor Garza

Abstract

This article assesses the neutrality of Captura de Plusvalía , a land value capture policy implemented in Bogotá (Colombia) in 2004. The case offers a rare opportunity for assessment because the policy application had a scattered spatial and temporal structure but on an urban agglomeration ruled by a single master plan and revenue collecting authority. The analysis reveals that (a) the relationship between value capture and prices is negative (static neutrality); (b) this result holds under various spatial specifications and controls; (c) the policy is not endogenous to the built output or the spatial distribution of the land prices; and (d) there is no evidence of preemption, a theoretical feature where landowners consider that the policy onset represents a regulatory taking, compelling them to accelerate developing timing (dynamic neutrality).

Suggested Citation

  • Néstor Garza, 2019. "Spatial and Dynamic Features of Land Value Capture: A Case Study from Bogotá, Colombia," Public Finance Review, , vol. 47(3), pages 603-622, May.
    • Handle: RePEc:sae:pubfin:v:47:y:2019:i:3:p:603-622
    DOI: 10.1177/1091142117714551
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    References listed on IDEAS

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    Cited by:

    1. Garza, Nestor & Gonzalez, Ivan, 2021. "An urban system assessment of Land Value Capture: The Colombian case," Land Use Policy, Elsevier, vol. 109(C).

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