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A comment on Detroit wants to be the first big American city to tax land value. Parent comment

Re:Detroit wants to be the first big American city to tax la... by balderdash on Monday October 16, 2023 @09:41PM (#37909307)
That’s a horrible idea - that means you value is only what you can afford to pay in taxes - effectively meaning the poor would be required to sell to the rich at below market rates if they can’t afford the taxes
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Re:Detroit wants to be the first big American city to tax la... by eru on Monday October 16, 2023 @10:08PM (#37909585)
Are you suggesting the rich people form a cartel? Otherwise, if there's more than one rich person they would outbid each other until market rates are reached. That's basically how market rates are defined.

Btw, none of the problems here are specific to LVT. You see exactly the same problems in conventional property taxes: if your land is suddenly worth a lot more, your tax bill goes up.

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