It is important to note that business-related property (i.e. your firm, if you also work in it) was not taxed; primary residence value was 70% of the market val

It is important to note that business-related property (i.e. your firm, if you also work in it) was not taxed; primary residence value was 70% of the market value; art was not taxed; many investments in small companies or other investments that the Government encouraged were less taxed as well. In the end, this loopholes and others lead to a very complex tax (thus high administrative costs) as well as a much lower tax base.