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If I understand it correctly, LVT would allow people to state what they think their property is worth and pay taxes accordingly. They could put down any value b

by bko 4y ago

If I understand it correctly, LVT would allow people to state what they think their property is worth and pay taxes accordingly. They could put down any value but anyone could buy it from them at that value. And this is supposed to be good? Forget politics, who thinks its a good idea to force people into economic transactions? I could see a whole new line of blackmail, akin to patent trolls, looking for people who under-priced their property or really don't want to move. It sounds terrible. Any billionaire could kick you out of your home in a moments notice. Sure you get paid, but you probably don't want to move. How could you even say the property is yours? People get upset with government forces them to sell their property using eminent domain. This strikes me as a hundred times worse.

strongpigeon 4y ago
I’m not sure why LVT would be assessed this way? I’m pretty sure the idea would be to keep the same assessment mechanisms, but tax only land, not improvements.
ethanbond 4y ago
This is not what LVT is. This is one potential mechanism to find the price of assets so they can be taxed.
scld 4y ago
You don't understand correctly. LVT is basically just property tax that doesn't assess the structure that's built on the land. So, land near a subway stop or bus terminal or downtown offices would be taxed higher as compared to land in the outskirts of town or in suburbs. You are thinking more of something like Glen Weyl's Radical Markets proposals.
- bko 4y ago
  Guess I got some terms mixed up. Thanks for clearing that up. My taxes are assessed as land and property, with the majority of the valuation coming from the land. Is LVT a big departure from what we currently have in most US states?
  - colinmhayes 4y ago
    A "true" LVT calls for land tax rate of around 80% and getting rid of all other taxes. It's a huge change from how property taxes currently work.
colinmhayes 4y ago
You're thinking of Glen Weyl's wealth tax proposal.
yellowapple 4y ago
> If I understand it correctly, LVT would allow people to state what they think their property is worth and pay taxes accordingly. They could put down any value but anyone could buy it from them at that value. That's one approach. Another is for property appraisers to determine the land value - something which is already pretty commonly done. > How could you even say the property is yours? It never was. All land "ownership" consists of borrowing a portion of a nation-state's sovereign territory. LVT makes that explicit, requiring land "owners" to pay what's actually due to society (rather than a tiny fraction thereof as is the status quo).

by bko 4y ago

strongpigeon 4y ago

I’m not sure why LVT would be assessed this way? I’m pretty sure the idea would be to keep the same assessment mechanisms, but tax only land, not improvements.

ethanbond 4y ago

This is not what LVT is. This is one potential mechanism to find the price of assets so they can be taxed.

scld 4y ago

You don't understand correctly. LVT is basically just property tax that doesn't assess the structure that's built on the land. So, land near a subway stop or bus terminal or downtown offices would be taxed higher as compared to land in the outskirts of town or in suburbs. You are thinking more of something like Glen Weyl's Radical Markets proposals.

bko 4y ago
Guess I got some terms mixed up. Thanks for clearing that up. My taxes are assessed as land and property, with the majority of the valuation coming from the land. Is LVT a big departure from what we currently have in most US states?
- colinmhayes 4y ago
  A "true" LVT calls for land tax rate of around 80% and getting rid of all other taxes. It's a huge change from how property taxes currently work.

colinmhayes 4y ago

You're thinking of Glen Weyl's wealth tax proposal.

yellowapple 4y ago

> If I understand it correctly, LVT would allow people to state what they think their property is worth and pay taxes accordingly. They could put down any value but anyone could buy it from them at that value. That's one approach. Another is for property appraisers to determine the land value - something which is already pretty commonly done. > How could you even say the property is yours? It never was. All land "ownership" consists of borrowing a portion of a nation-state's sovereign territory. LVT makes that explicit, requiring land "owners" to pay what's actually due to society (rather than a tiny fraction thereof as is the status quo).