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Cities can use the tax revenue to create community gardens or parks. Property taxes in many places currently tax improvements, so if that concrete monstrosity
by aeternum 5y ago
Cities can use the tax revenue to create community gardens or parks.
Property taxes in many places currently tax improvements, so if that concrete monstrosity wanted to build a nice community garden on the premises it would often result in a tax bump. That typically isn't the case with LTV.
In contrast, if the land owners surrounding the concrete monstrosity build higher density housing with gardens and public areas then they may drive up the LTV such that the concrete monstrosity is no longer economically viable and must be torn down and updated.
- caeril 5y agoRight. And the political process being what it is, it sounds great that you need to have pull with the city council or county government to do what you'd like with your property. I'm sure we all look forward to a world in which buying hookers for the Mayor's son and keeping it all on the DL, or contributing to a few Town Selectmen's "nonprofits" is what you have to do to in order to inject a half-acre of greenery into an otherwise desolate dystopian concrete hellscape.