alt Hacker NewsI guess here's an issue. I bought 13 acres - mostly because I hate hearing basketballs bouncing, other people's TVs, and "boom cars".
So if we're going to start taxing me at a million per year, can I start taxing those loud people a million a year so I can live in the city to pay for medical bills for my brain to go through the bouncing basketball.
Mind you, everyone else in my area has 10 - 15 acres and it's just a dead area. Just people that ran away from the city. There's absolutely no "value" in this land as no one wants to even be here and drive 40 minutes to get to a grocery store.
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LVT is assessed on land value. Your 13 rural acres aren't insanely valuable and would not be assessed a million dollars a year under a Georgian model.
Then your land would likely be priced at the nominal amount per acre x 13 since the demand for that area is low and diffuse. Not a horrible outcome, and, could encourage you to make the land "productive" to at least cover the tax. Tree farms are lovely.
Isn't the idea that it's a land value tax, and not just a land tax. The land in your example is not particularly valuable. Unless I have misunderstood the idea.
One of the main points made in TFA is it's important to communicate that single-family homes outside of city centers will tend to see lower taxes if you go from property tax to LVT, because in the city most of the value in your home is the land, but that ratio flips the further you get from the city center.
Obviously this assumes a single tax-base; if you are not in the same tax base of the city, then you're probably still fine, since if everybody has similarly valued lots, the taxes will be shared similarly between them.