> it might a bit because your building might increase the value of properties nearby, but that's generally a pretty weak effect so it would have a small impact on your taxes
That sounds like a fantastic way for a developer to force out all of "the poors" around them by developing an area and making the value of their land skyrocket. Since they cant hold it they have to sell which kicks them out of their home for less than what their property would be worth.
Might work fine for NYC where no one actually owns anything. Sounds like a hard deal for a majority of the country where people can conceivably own land.
This already happens in the midwest, where taxes are based on appraised value and someone from New York buying 160 acres of hunting land for some overpriced amount causes the small landholder next door to have to pay triple taxes.
Where I live, NJ, tax amounts aren't calculated that way. They're derived from some complex mens based on local budgets. Since the towns rich people live in have the same budget it has the strange effect of everyone there paying much smaller percentage of property taxes.
The Midwest ones are based on local budgets but then allocated based on assessed values, so when your land jumps because of nearby purchases, you end up paying more related to those who’s property didn’t jump.
That sounds like a fantastic way for a developer to force out all of "the poors" around them by developing an area and making the value of their land skyrocket. Since they cant hold it they have to sell which kicks them out of their home for less than what their property would be worth.
Might work fine for NYC where no one actually owns anything. Sounds like a hard deal for a majority of the country where people can conceivably own land.