Assessment of tax-based mechanisms in urban regeneration
||McGreal, Stanley; Berry, Jim, Lloyd, Greg and McCarthy, John
||Assessment of tax-based mechanisms in urban regeneration
||8th European Real Estate Society Conference (26-29 June 2001) Alicante, Spain
||The increasing interest in the potential use of fiscal incentives as a mechanism for stimulating urban renewal has been highlighted by a number of influential sources such as the UK government’s 1999 Urban Task Force Report. However there is a lack of empirical research in the property literature on the use of such incentives. In this respect, the paper assesses the application and outcomes of tax-based incentives in urban regeneration by drawing upon case study analysis in Ireland and the USA. The evaluation focuses on the varying models used in Dublin (capital allowances, corporation tax) and in Chicago/Los Angeles (TIFs, BIDs). Issues considered include the utilisation of tax incentives, the drawing-down of benefits, the role of key actor groups, the ability to lever private sector finance, impact on property market sector performance and wider economic influences. Conclusions examine the relative merits of tax-based regimes rather than gap funding for urban renewal. Tangential to this debate is the future structure of urban regeneration mechanisms in EU member states given the Commission's ruling on competitive policy.
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