this post was submitted on 15 May 2025
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A Boring Dystopia
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Why not tax the property for all value above X. Where X is some amount over the average or median property value. That way, if you can afford a luxury home you pay some tax on it.
It's not a bad compromise, it's just a matter of finding a good value for X. And that's hard to do as housing prices continue to balloon and housing costs take up a greater percentage of people's incomes. Houses that would have cost one year's income in the 60s can easily cost 8 to 10 times that today.
I don't know, maybe you should have to pay property taxes if the land occupies more than a certain square footage. That could discourage suburban style development and promote greater population density, which could both act as a net positive.
Yeah, the devil would be in the details, of course, and to make sure there aren’t any obvious loopholes. Ideally it would be at increasing brackets as well.
Wouldn’t taxes on above-X value keep prices down? Buying fancy houses as investment could be countered by the additional running expense of taxes.
Basing it on square footage could also work, or as an additional parameter, but might make more sense in cities where space is more scarce.