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Undervalued and Underappreciated - The Value of a Vacant Lot The importance of Land Value Return (LVR) is not only that it encourages economic activity, makes cities more vibrant, and addresses urban blight, but also that it can be an important source of much needed public revenue. In a recent webinar hosted by the Henry George School of Social Science, Greg Miller and Lars Doucet discussed findings from a study of vacant residential land in Baltimore. The report found that, on average, vacant lots were assessed at just one-eighth of their true value. Citywide, this resulted in an estimated $427 million in undervalued land, costing over $8 million annually in lost tax revenue while also discouraging development. In one neighborhood, a vacant lot was assessed at $1 per sq ft, while neighboring developed parcels were assessed at $8 per sq ft. That same vacant lot later sold for $8 per sq ft. In another area, vacant land was assessed at $1 per sq ft versus $11 per sq ft for developed lots. (This study focused only on residential land.) LVR is a powerful tool to encourage productive land use, reduce speculation, and strengthen local economies. Watch the video: bit.ly/4bOmLkm