Fix the economy by implementing Site-value taxation, and do away with building tax!

A homeowner whose assessment is increased because he decides to fix up his old house derives no increased benefit in municipal services. Why should he be penalized for taking care of his building? Owners of valuable land benefit from socially created value based on the location of their land, so under a system of site-value taxation the relation between tax paid and benefits received would be clear and proportional. Under our current system of taxing buildings rather than land, taxes may be (and often are) out of proportion with the benefits received. Site-value taxation therefore creates a sum of value greater than the value of individual pieces of individual pieces in a given neighborhood. In the long run this will make land more valuable, increasing the city tax base.