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Originally Posted by iheartphilly
How does Philly tax the land (i.e., does the City assess the value vs. the speculator's market value)? And, what other type of holding costs, if any? Thanks!
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Im pretty sure they don't tax land very much. That's the problem. Until they build, they are paying pennies no matter how much they inflate the value. Taxing the land would help create an incentive to use the land to create revenue. Without taxing the land, they could wait 20 years until a buyer comes along with millions.