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this post was submitted on 05 Dec 2023
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Im not sure high base property tax rates are the best solution to corporate ownership of single family homes.
A progressive tax based on number of residential properties owned makes more sense to me.
100% tax on home 1 125% on home 2 150% on home 3 200% on home 4 250% on home 5
And if they still try to arbitrage the market, double the tax for unoccupied homes.
just make it impossible to profit after a point.
Land value tax is progressive already. It's also very efficient with no real way to create loopholes. A progressive tax based on number of owned properties would just create shell companies and putting properties under another name. I don't disagree with increasing tax on unoccupied residences, but I don't think that is appropriate with a LVT, as it just adds complication. You're taxed based on value, which is correlated to the value others think they could extract from the same land. Empty property could be utilized, so the value doesn't care if it's empty and will be taxed appropriately regardless.
A LVT also works for farmland and other land to ensure maximum utility. Also, assuming land shouldn't belong to anyone (which why should it. They didn't create it?) it appropriately returns value to the public for occupied land.