Re:Detroit wants to be the first big American city to tax la...
by oneshtein on Tuesday October 17, 2023 @03:18AM
(#37911617)
$0 is too high. With high enough taxes it easily can be -$1000 per acre or lower!
Re:Detroit wants to be the first big American city to tax la...
by bagels on Tuesday October 17, 2023 @04:26AM
(#37912031)
The land is nearly free now. You can't build things in Detroit and make a profit, construction costs outweigh sale price or possible rents.
Re:Detroit wants to be the first big American city to tax la...
by mactrey on Tuesday October 17, 2023 @03:01PM
(#37919976)
The point is, currently if you build things then you pay higher tax. The current tax structure disincentivizes building things. We don't know what people would build without that disincentive - maybe still nothing, as you are suggesting.
Re:Detroit wants to be the first big American city to tax la...
by caminante on Tuesday October 17, 2023 @09:31PM
(#37923863)
> The point is, currently if you build things then you pay higher tax.
You're missing THE point.
Your comment is too general.
1. You'll only pay higher taxes if your ratio of land/improvements is above a threshold (TBD).
2. The article says that the proposed change would lower taxes for 95+% of the population.
It means that you only pay for the structures, or the cost to remove a blighted structure, etc. It makes real estate more liquid, and allows more people to try their hand at development without having a massive land bank worth millions of dollars.
It decentralizes these decisions and lets more local players get involved. It rewards those who are productive, and encourages those who are squatting on resources to let somebody else give it a shot.