5 ms·
Did you try hard enough? Inplement a small annual fee on the parcel based on market rate and watch the vacant housing appear back on the market in the blink of
by snidane 6y ago
Did you try hard enough?
Inplement a small annual fee on the parcel based on market rate and watch the vacant housing appear back on the market in the blink of an eye.
You can't clear the housing market without this. Instead of supply/demand dynamic you get a Greater Fool dynamic on the market.
- epistasis 6y agoCharging taxes based on market value has been banned in the California constitution, with the passage of the disastrous Prop 13 in the late 1970s. It is the source of many problems in California. Taxes based on percentage of value are limited to 1% of purchase price, with a maximum increase of tax paid of 2% per year, which is sub inflationary. Presumably if we had a loooong run of time with property values increasing less than 2% per year, newly purchased homes would still be taxed at market value, but that's pretty far outside the normal realm of market behavior.