Re:Does Georgism work? Is land a big deal?
by smnrchrds on Wednesday December 08, 2021 @11:30PM
(#29493847)
> Just take the value you want it to produce, divide by the assessed value of all of the land, and you have your tax rate.
That's how my city determines property tax rates! Cities in my province are not allowed to run a deficit. So every year, the city look as assessed value of all properties, how much budget it needs for the year, divides the two, and voila! Tax rate!
It's actually a bit more complicated because the residential and commercial tax rates are different and the city has revenue sources other than property taxes, but it is largely like that.
That's how my city determines property tax rates! Cities in my province are not allowed to run a deficit. So every year, the city look as assessed value of all properties, how much budget it needs for the year, divides the two, and voila! Tax rate!
It's actually a bit more complicated because the residential and commercial tax rates are different and the city has revenue sources other than property taxes, but it is largely like that.