Property tax
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A property tax is an ad valorem tax on the value of a property.
An apartment building closed for property tax arrears.
Land value tax
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A land value tax is a levy on the value of land without regard to buildings, personal property and other improvements upon it. Economists favor LVT, arguing it does not cause economic inefficiency, an
Property tax
…transaction, such as in real estate transfer tax. This tax can be contrasted with a rent tax, which is based on rental income or imputed rent, and a land value tax, which is a levy on the value of land, excluding the value of buildings and other improvements. Under a property tax system, the government requires…
With an LVT, both this abandoned lot and the adjacent buildings would pay the same amount in taxes. This incentivizes the owner of the abandoned lot to either use the land for economic activity or sell it to someone who will.
Everybody works but the vacant lot – Henry George
Anne Robert Jacques Turgot, a leading physiocrat
Henry George in 1865