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Have you ever wondered why there are so many vacant lots in our cities, especially in areas that have been zoned for development?
Why do some landowners leave their land idle and undeveloped, while others build homes, businesses, and amenities on theirs?
Why do some landowners leave their land idle and undeveloped, while others build homes, businesses, and amenities on theirs?
The answer lies in the way we tax property.
Under the current system, property taxes are based on the value of both the land and the buildings on it.
This means that landowners who improve their land by building on it pay more taxes than those who leave it vacant.
Under the current system, property taxes are based on the value of both the land and the buildings on it.
This means that landowners who improve their land by building on it pay more taxes than those who leave it vacant.
This encourages land hoarding.
Landowners can buy prime land and leave it empty, waiting to sell it for more.
They pay little taxes for their unused land, but get public benefits.
Landowners can buy prime land and leave it empty, waiting to sell it for more.
They pay little taxes for their unused land, but get public benefits.
