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Finally, whenever land number 3 must be cultivated, the rent for land number 1 will be a rent of 20 units, and for land number 2, the rent will be 10. The profit will equal 80 units (profit made by the lowest quality). Eventually, all land is used except for the lowest quality land because workers will not work for a low wage. (Ricardo, 1817).
In Roman law, ground rent (solarium) was an annual rent payable by the lessee of a superficies (a piece of land), or perpetual lease of building land. [5] In early Norman England, tenants could lease their title to land so that the land-owning lords did not have any power over the sub-tenant to collect taxes.
With a partial taking of the land, the tenant may claim apportioned rent for property taken. For example, suppose a tenant leases land for six months for ¤1,000 per month, and that two months into the lease, the government condemns 25% of the land. The tenant will then be entitled to take a portion of the condemnation award equal to 25% of the ...
Foreigners cannot buy and own land, like in many other Southeast Asian countries. Instead, the land is collectively owned by all Vietnamese people, but governed by the state. As written in the national Land Law, foreigners and foreign organizations are allowed to lease land. The leasehold period is up to 50 years. [20] [21]
The narrower term 'tenancy' describes a lease in which the tangible property is land (including at any vertical section such as airspace, storey of building or mine).A premium is an amount paid by the tenant for the lease to be granted or to secure the former tenant's lease, often in order to secure a low rent, in long leases termed a ground rent.
The present value of ground-rent is the basis for land prices. A land value tax (LVT) will reduce the ground rent received by the landlord, and thus will decrease the price of land, holding all else constant. [citation needed] The rent charged for land may also decrease as a result of efficiency gains if speculators stop hoarding unused land.