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by matwood
3502 days ago
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No, it takes money from the owners of the property. Rents are market based more than anything else. I don't care if the tax is 0 or 100k, the owner can only rent for what he can find people to pay. In my area (a vacation spot and college town), they could drop the property taxes to $0 tomorrow and rents will still go up. A high tax does not even really set a price floor since the owner would rather get something than nothing. |
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The subtlety you're missing here is the reduction in supply of rental units.