It's not a property tax (which taxes the building and the land), it's only a land value tax. So if you have a $300,000 house, it's not going to tax 2.5% of the

It's not a property tax (which taxes the building and the land), it's only a land value tax. So if you have a $300,000 house, it's not going to tax 2.5% of the $300,000 house, just the $50,000 worth of land it sits on.