[nojvek]

One could say Property taxes are like wealth taxes. You are taxing unrealized gains. But IMO it's once of the best ways cities meet their expenses and everyone pays their fair share. It keeps property prices somewhat in check because it costs money speculate.

Land that can be developed into residential lots should be appraised at a higher value. There should be a 2-4 year period where a land owner has their opportunity to develop land, but then it should be taxed at rate of nearby developed lots.

Land ownership is almost a zero-sum game and should be well regulated for efficient demand and supply. Rent-seekers don't add any value, just suck it up into their fat pockets.