> If I have .75 acres with a single family home and 30 years later the area around me is developed, them I will be financially forced off of my land because I could theoretically put an apartment building on it. We already see standard property tax forcing the elderly out of their homes in many areas.
This is one of my current issues with land value tax: pricing out existing residents. One mitigation I think that would help would be only adjusting the LVT of a plot on sale / ownership transfer. It would likely need a bit more nuance than that, as it doesn't quite work with company owned land (doesn't really switch owners like a sfh owner dying).
The land will eventually get more efficient use, but there isn't the recurring threat of being priced out of your home.
I guess it's not universal that they don't reduce tax rates for people that are unable to pay, retired elderly? In the Seattle area that's a thing. I want people to be able to pass on their businesses to their kids. But in the US we have this fantasy of inheritance taxes wiping out farm owners. It really only affects giant farms, 11 million is the federal threshold.
I don't think society will be bettered by creating evermore trust fund babies. I'm generally in favor of making it hard to pass on wealth that is so high your offspring's families never have to work. I think one of the major challenges of the US in the future is the accumulation of wealth in smaller group of people over time, and the vast amount of income difference between the masses in the US.
This is one of my current issues with land value tax: pricing out existing residents. One mitigation I think that would help would be only adjusting the LVT of a plot on sale / ownership transfer. It would likely need a bit more nuance than that, as it doesn't quite work with company owned land (doesn't really switch owners like a sfh owner dying).
The land will eventually get more efficient use, but there isn't the recurring threat of being priced out of your home.