[harryh]

I don't have data as to precisely how strong the correlation is

I'm actually pretty curious now, and might be go looking for data. It's surely not precisely 1, but I bet it's not all that far off. Especially if you limit the sample to residences.

Your list of outliers is a good one (I particularly like the natural resources one), but I think they're probably mostly exceptions to the rule.

In the end though sure, property taxes aren't precisely consumption taxes. But they clearly aren't wealth taxes either. They're something in between and, I think, much closer to consumption that wealth.

I've really enjoyed thinking about the points you brought up. Thank you for doing that.

[hundt]

Thanks, I enjoyed the exchange as well. I am also curious about the correlation coefficient but could not find any details in the amount of time I had to put into it. I did get the feeling that there is substantial research in the area of what drives housing prices, though.