People don’t realize that all property tax levied is paid for … by people.
If you put a $10m/yr property tax on the local Walmart, that money simply comes from slightly higher prices on everything (or most non-nationally advertised things).
Landlords aren’t paying property tax out of the goodness of their hearts, they’re paying them out of the rents, and if they go high enough they’ll either raise rents or sell-abandon the building.
I think the even more hidden thing is that taxes are more about policy than revenue. If it was just about revenue, then they would tax it at the source - income tax on people and companies. But just imagine the reaction people would have when 50% of their paycheck was gone. They even hid the cost of social security and Medicare by making the employer pay half so it doesn't show on the paycheck. Break it up and people don't add it up and you can use it to control their behavior on different subjects.
If you put a $10m/yr property tax on the local Walmart, that money simply comes from slightly higher prices on everything (or most non-nationally advertised things).
Landlords aren’t paying property tax out of the goodness of their hearts, they’re paying them out of the rents, and if they go high enough they’ll either raise rents or sell-abandon the building.
Which may be the goal, after all.