Special assessments as a value capture strategy for public transit finance

Zhirong J Zhao, Kerstin Larson

Research output: Contribution to journalReview articlepeer-review

21 Scopus citations

Abstract

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.

Original languageEnglish (US)
Pages (from-to)320-340
Number of pages21
JournalPublic Works Management and Policy
Volume16
Issue number4
DOIs
StatePublished - Oct 2011

Bibliographical note

Copyright:
Copyright 2011 Elsevier B.V., All rights reserved.

Keywords

  • special assessments
  • transit-oriented development
  • transportation finance
  • value capture

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