Re:JPMorgan to spend $1B on rental homes in the US to become...
by naveen99 on Saturday December 31, 2022 @01:49PM
(#34199415)
US property taxes are effectively rents.
Re:JPMorgan to spend $1B on rental homes in the US to become...
by iso1631 on Sunday January 01, 2023 @11:24AM
(#34207626)
My understanding is US property taxes are higher if you build property on them. a vacant 1000 square foot lot will attract less tax than the neighbouring 1000 square foot plot with a house on. Is that not right?
Re:JPMorgan to spend $1B on rental homes in the US to become...
by naveen99 on Sunday January 01, 2023 @12:43PM
(#34208614)
Land and improvement are taxed at the same rate, based on appraisal. There are certain exemptions for farmland, homestead etc.
Re:JPMorgan to spend $1B on rental homes in the US to become...
by iso1631 on Sunday January 01, 2023 @12:59PM
(#34208798)
So improvements which shouldn't be taxed are taxed. The land owner of an empty acre pays far less tax than the land owner of an acre with 40 people living there. That's wrong.
Re:JPMorgan to spend $1B on rental homes in the US to become...
by sokoloff on Sunday January 01, 2023 @01:14PM
(#34208942)
The 40 people living on that acre demand more local government services (schools, libraries, fire/police protection, etc.) which are paid for with property taxes (in general) than the empty acre does.
Re:JPMorgan to spend $1B on rental homes in the US to become...
by iso1631 on Sunday January 01, 2023 @01:26PM
(#34209092)
And thus you miss the entire point
All land should be owned by the public. To use it you would rent it for the market value, that money would be distributed to the citizens as a basic income. As the land becomes more valuable (society shifts to urbanization and cities become more valued), the cost of that land increases, but so does the basic income.
That's what happens now, except the people benefiting from the cost of the land isn't the public, but the land owner.
On the other hand, if a new power plant is opened up, land value reduces, and the land occupier pays less. Currently they just lose out, hence the NIMBY problem.