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What does that do for an existing single family house that someone inherited / moved into as their parents moved out? It wasn't bought as an investment - its a
by shagie 4y ago
What does that do for an existing single family house that someone inherited / moved into as their parents moved out? It wasn't bought as an investment - its a place to live.
A high property tax based on land value would suggest that all the places people need to live would need to be generating income, have a high income for the family, or they'd need to move into a place where that land value is distributed across a wider base of households.
- shkkmo 4y agoIf someone inherits a single family house and don't view the property as providing enough value as a residence or rental to cover the land taxes, then they should sell the property or redevelop it at a higher density that better matches the value of the the land. Of course land should be producing economic value. If it doesn't or thr value produced doesn't match the land's value, then something is wrong.