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You could only create a land value tax for land that is already owned outright if there’s a mortgage for that land, then the owner will default and society will
by yimby2001 2y ago
You could only create a land value tax for land that is already owned outright if there’s a mortgage for that land, then the owner will default and society will colander.
- Schiendelman 2y agoWhy wouldn't the owner sell? Keep in mind that land that is owned outright is almost exclusively very low value land.
- yimby2001 2y agoBecause they owe the bank $1 million for property that suddenly worked much less than that so they’re gonna default on their debt and then their bank is going to sell it and attempt to recover the loss
- Schiendelman 2y agoGenerally property tax is a percentage of the value of land. So your scenario doesn't happen unless the land is incredibly valuable.