As I mentioned in my initial post, yes if you have multiple properties then I totally agree that taxation should occur. And of course if you sell the property,

As I mentioned in my initial post, yes if you have multiple properties then I totally agree that taxation should occur. And of course if you sell the property, no matter what there should be taxed earnings. For limitation rules, I think they a part of the problem. If you for whatever reason are on a financial decline, property tax adds to the kick in the face until you reach the very bottom. Then if you manage to begin crawl back out of the abyss, that boot will start planting itself repeatedly your face again, stopping you on your way back to normal.