Land Value Tax - LVT

Yes. You are taxed on the value of your land. Duh.

Buy a home in California (and many other states) and you'll pay annual taxes of 1.25% of the purchase price of that home. In other states, like Texas, you'll pay closer to 2% of the purchase price, and then lobby the assessor to value your home less...valuably.

The gist is that real estate taxes run generally commensurate with the value of the property being assessed.

Fair? Not fair? See: Proposition 13 for fairness details, where homes in California that were bought 40 years ago carry taxes of 1/20th of today's market value taxes.

Old people who bought these homes think the taxes are very fair. Everyone else? Not so much.