A value-based alternative model proposal for partial recovery of public investment costs

In this study, it is aimed to determine the value increases in real estate resulting from public investments and to partially recover these value increases to the public through betterment tax. For this purpose, 1 m resolution pixel-based nominal value maps of the study areas before (Model 1) and after public investment (Model 2) were produced using the nominal valuation method using GIS software to determine the value increases in real estate. In the production of value maps, factor analysis was used to determine the variables affecting the value. Firstly, "Exploratory Factor Analysis" was used to determine the dimensions of the variables affecting the value in both models. "Confirmatory Factor Analysis" was conducted to test the accuracy of the revealed structure. Then, pixel-based nominal values were overlaid with parcel data and parcel-based nominal value maps were produced. The model prices of the immovables were determined with the calculated average nominal coefficient of the study areas. A mixed research approach was used to determine the attitudes and opinions of real estate owners in the impact areas of public investments towards betterment tax. According to the findings; in Model 2, unlike Model 1, it was determined that the variables "proximity-accessibility", "transportation axis-location", "features of the public investment project" and "landscape" affected the real estate value. In the study, it has been determined that if a tax of approximately 10% is levied, both public investment costs can be fully covered. In the attitudes and opinions of the property owners in the study area towards taxation, it is concluded that the level of education is determinative and it is emphasised that their opinions should be taken on which features the public investment project should include. It is thought that taking into account the opinions of individuals in public investment projects can be an important step in the sustainability of the projects, effective management and minimising the problems that may be experienced.