Go Back   The Finance Forums > Finance forums > Real Estate




Real Estate Discussions about investing, selling, and buying real estate.

Reply
 
LinkBack Thread Tools
  #1 (permalink)  
Old 12-24-2009, 02:02 PM
Junior Member
 
Join Date: Nov 2009
Location: Arkansas, USA
Posts: 16
Default Taxable value of all land in the country

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?
Reply With Quote
  #2 (permalink)  
Old 12-29-2009, 12:19 AM
The Finance Forums
 
Join Date: Dec 2009
Location: Los Angeles, California U.S.
Posts: 18
Default Re: Taxable value of all land in the country

Quote:
Originally Posted by dstebbins View Post
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?
Wow!!While I don't have an answer to your query...
that is a very interesting idea..
humm a way to increase some revenue for the good ole U.S.
Reply With Quote
  #3 (permalink)  
Old 12-31-2009, 06:32 PM
Junior Member
 
Join Date: Nov 2009
Location: Arkansas, USA
Posts: 16
Default Re: Taxable value of all land in the country

Quote:
Originally Posted by dirtroad View Post
Wow!!While I don't have an answer to your query...
that is a very interesting idea..
humm a way to increase some revenue for the good ole U.S.
Is that sarcastic?

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.
Reply With Quote
  #4 (permalink)  
Old 01-04-2010, 03:36 AM
Junior Member
 
Join Date: Jan 2010
Location: DE
Posts: 2
Default Re: Taxable value of all land in the country

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.
Reply With Quote
  #5 (permalink)  
Old 01-04-2010, 03:40 AM
Junior Member
 
Join Date: Jan 2010
Location: DE
Posts: 2
Default Re: Taxable value of all land in the country

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.
Reply With Quote
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off



» Boards




All times are GMT +1. The time now is 10:34 PM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2010, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.5.1 ©2010, Crawlability, Inc.