Columnist Andrew Leahey says land value tax systems would encourage development and stabilize government revenue and residential tax burdens.
Property tax systems across the US have come under scrutiny for inequities—especially with homeowners in economically disadvantaged areas. Transitioning to a land value tax may be the solution.
Taxing the value of land alone can encourage development and reduce speculation while stabilizing residential tax burdens. It also would allow for alternative avenues to progressivity, such as an income-adjusted tax system. On the revenue side, it can create a consistent tax revenue stream for municipalities, decoupling tax revenue from real estate boom-and-bust cycles.
Read rest here: https://news.bloombergtax.com/daily-tax-report/land-value-taxes-can-resolve-property-tax-systems-inequities.