I generally think the principal of taxing property is fundamentally flawed (especially as it relates to property that has a market value that can be quite volat

I generally think the principal of taxing property is fundamentally flawed (especially as it relates to property that has a market value that can be quite volatile or hard to value and even more so if the property generates no current income). My rationale is that it means that only people that are rich can own property as they can afford the taxes, and especially if the property has increased in value over time and has no or small associated cash flows. By all means tax gains on realization (though I’d argue there should be a CPI adjustment to the basis but that’s another conversation)