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Most places already assess the value of land separately from improvements; when you get your property tax bill they’re often broken out. The process of separate
by Schiendelman 5y ago
Most places already assess the value of land separately from improvements; when you get your property tax bill they’re often broken out. The process of separate assessment is well established!
- nwah1 5y agoTrue. But the argument that assessment is subjective, and prone to error, is true. But such errors in land value are at least fairly easy to peer review. It is all a matter of public record. But for income, if you hide it all in the Cayman Islands, who is to say how much income you made or not? The errors could be off by many orders of magnitude and we wouldn't even know. And more importantly, taxing the right thing imperfectly is better than taxing the wrong thing perfectly. Taxing people imperfectly for polluting is good. Taxing people for doing good deeds is bad, even if assessed perfectly.