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If nobody will buy the property for $1 then it's worthless. Gift it the local authority and then you won't have to pay the tax.
by ectopod 5y ago
If nobody will buy the property for $1 then it's worthless. Gift it the local authority and then you won't have to pay the tax.
- chrisseaton 5y agoPeople won't buy it because it comes with a tax burden. They might buy it to redevelop it if it didn't.
- ectopod 5y agoSo over time the vacancy tax is increasing and the sale price is going down. Obviously the vendor needs to sell or redevelop before the price hits zero. If they fail to do so then they lose the property. Speculation sometimes fails. What's the problem?
- effingwewt 5y agoGood, then it will go to someone who needs a house, not another rent-seeking parasite.
- dwater 5y agoThat does not seem like a realistic problem for very many places. If a jurisdiction contains land with so little value that it won't support the taxes required for upkeep of the jurisdiction, then the jurisdiction could dissolve. Which is what happens to a ghost town I would imagine. That is not likely to happen to New York City.