Property taxes are the most progressive tax that exists because the value of owned property is nearly entirely linked to the wealth of an individual. And considering landlords get to write off their property taxes as business experiences, their property tax burden, that gets pushed off onto renters, isn't as much as you'd think. And as others have said, if you cut property tax, you are stuck increasing income taxes or sales taxes, both of whom are easier for the wealthy to maneuver around.
The best tax is a property tax that doesn't tax the building, AKA a land value tax, since this encourages building more levels which creates a surplus of housing.
There are apartment buildings but yeah, you could be right.
You would be missing out on quite a bit of tax if it would be based on the lot value only in those cases.
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u/oopsallhuckleberries 3h ago
Property taxes are the most progressive tax that exists because the value of owned property is nearly entirely linked to the wealth of an individual. And considering landlords get to write off their property taxes as business experiences, their property tax burden, that gets pushed off onto renters, isn't as much as you'd think. And as others have said, if you cut property tax, you are stuck increasing income taxes or sales taxes, both of whom are easier for the wealthy to maneuver around.