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In which case you should sell your property and make bank on what Walmart would be willing to pay for it. (If you wouldn't make bank then your taxes wouldn't be
by paconbork 6y ago
In which case you should sell your property and make bank on what Walmart would be willing to pay for it. (If you wouldn't make bank then your taxes wouldn't be prohibitively high)
- Spooky23 6y agoWhy would Walmart make a deal when they could just wait for or lobby the county to valuate your land at some excessive value and force a sale in distress? LVT is just bad policy that sounds ok in concept. In my city, inner city residential property is near worthless once it falls below section 8 standards. The taxes are low too as result. With a LVT scheme, someone would cook up some “true” value subjectively, which has obvious potential for abuse.
- paconbork 6y agoCan't Walmart already do this? Property assessors already estimate the value of your property and the value of the land plays a part.
- arrosenberg 6y agoOr the very questionable use of eminent domain that some municipalities engage in.
- throwaway201103 6y agoIt's really the same as eminent domain. Wal-Mart wants your property for a store? They just need to offer to pay enough that the LVT is unaffordable to you. You'll have no choice but to sell, even if you don't want the money and would rather keep the property.
- Spooky23 6y agoGenerally no. Values are usually based on sales history.
- throwaway201103 6y agoValue is whatever someone will pay. If Wal-Mart offers $1MM for your land, that is what it is worth, even if the next-best offer is $500K.
- Spooky23 6y agoOnly if you sell. LVT serves a few different interests and is sold as a cure all. Kinda like the “gold bug” of tax policy.