This "Georgist" system is silly.
1) It doesn't solve any of your questions. Land values
minus buildings are still increasing year after year.
That's primarily the result of a loose monetary
policy. I can't cry too many alligator tears for those
poor property owners who have realized unprecedented
increases in home equity while doing nothing to their
property (land and building), while I'm left to buy in
at the peak of a housing bubble - come to think of it,
I think I'll wait. But heaven forbid that you should
have to pay an increased tax burden after you cash out
your unearned equity increase while you refi for the
4th time.
Now don't get me wrong - there are a number of folks
that are negatively impacted by this - primarily
people who own their home, don't want to cash out /
move, and live on a fixed income. I have a great deal
of sympathy for them, but not for the vast majority of
homeowners who cannot credibly claim to be the victims
of a phenomenon that has made homeownership so dang
profitable in terms of net worth (and that's WAY more
liquid now when you can refi for 110-125%) for the
vast majority of homeowners.
2) Do you think that tax assessment will disappear if
you make it about land value only?
3) The primary argument made in this piece is that
people are encouraged to allow their property to
deteriorate so that they can decrease their property
tax burden. That's just plain ignant:
a) The author asserts - and I mean ASSERTS - that the
primary way to make money off rental property is not
through rent, but to wait for your property to be
condemned so you can cash in. Any current landlords
wanna chime in on that one, so I don't have to?
b) Let me be clear - cheap construction techniques not
equal low price on building. If you want evidence to
that effect, I've got Prior Lake for you. I'll raise
you Savage.
4) Please, please explain to me how this is supposed
to help Minneapolis in any way.
aaron klemz
cooper
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