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Cumulatively, excluding all the land in the US that isn't taxable, such as those occupied by Native American tribes, government offices, and non-profit charities, what is the cumulative value of ALL real estate in the United States that is subject to a municipality property tax?
In other words, if the United States Federal Government levied a 100% property tax all over the fifty states and the District of Columbia (not including the territories), assuming that NO ONE commits tax evasion, or even tax avoidance (not gonna happen, but hypothetically), how much would the IRS collect each year? |
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that is a very interesting idea.. humm a way to increase some revenue for the good ole U.S. |
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But, anyway, collecting land taxes a 1%, using the values assessed by the local governments (the Feds could pay them for the info), it would have to completely replace almost all other taxes, otherwise, it's just another way for Uncle Sam to mooch off of his nephews to most. So, the cumulative land for the entire US would have to be worth at least $300 trillion (we're not even talking billion anymore; we're talking TRILLION) in order to make it financially worth it (at 1% tax rate, that would bring in $3 trillion, leaving a $550 billion deficit to be filled by other, avoidable taxes, like customs duties and fines paid for crimes). But that is wholly dependent on whether or not the cumulative value of all land is at least $300 trillion. If it's not, we'll have to find some other way of lowering the deficit. I guess we'll have to wait for the upcoming census for a clear answer. |
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lincolninst.edu/subcenters/land-values/price-and-quantity.asp
(I had to remove the www at the beginning so the forum wouldn't recognize it as a url) This might be close to the data you're looking for. Most interesting to compare values from 2006 to the most recent 2009 values can give you an idea of how volatile this tax might be. If you're thinking of Henry George, I think the number you want is the first column. There's further information on determing the fair market rent value of your home. Basically for a land value tax hitting only residential property the tax would need to be about 70% of the fair market rent value of your land to cover all federal expenses, but that's only taxing residential. Presumably it would be considerably less if commercial and agricultural land are included. |
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For myself owning just one home, at just about the average home price for the country, and being able to afford the payments without much difficulty. Even paying the full 70% would be about a savings of 25-30% of what I pay for income and payroll taxes.
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