Land and property taxes are different and they’re different in exactly the way required to yield really, really stupid outcomes. If you have two identical lots

Land and property taxes are different and they’re different in exactly the way required to yield really, really stupid outcomes. If you have two identical lots, one that’s developed into apartments, a restaurant, and some office space, and the other that’s left as dirt surrounded by a chain link fence, which one has the lower tax bill? If you have a 20+ year investment horizon, which approach allows you to more easily capture the appreciation created by all your neighbors who are working their asses off to build restaurants and offices and attractions?