This is the part that struck me: "According to the local government’s property records, the building was worth $1.6 million for tax purposes. The tax liability on the property was $46,000 a year."
Do I read this right that the owner of that building would be owing 2.875% tax per year on the market value of the building?
Because that would be in line with what I hear about US property tax and seems insane to me. At that rate you're not owning anything, you're renting. At that rate that's not the land of the free, that's a lifetime of indentured servitude.
Pure Georgism probably wouldn't work, but it might work if limited to commercial going concerns, excluding nonprofits and main residences (and a landlord is a business). Of course, then every business would try to weasel out of being classified as one.
MichaelRo · · focus · HN ↗
Do I read this right that the owner of that building would be owing 2.875% tax per year on the market value of the building?
Because that would be in line with what I hear about US property tax and seems insane to me. At that rate you're not owning anything, you're renting. At that rate that's not the land of the free, that's a lifetime of indentured servitude.
protocolture · · focus · HN ↗
mitxela · · focus · HN ↗