The dream valuations should be subject to reassessments every few years, with long term vacancy reducing the value every year or two, until the owner figures out that renting at a lower rate is better than the alternative.
I think they are talking about market valuations, not tax valuations. The former are just ideas about what the property will sell for and not easy to regulate. And, if you lower tax valuation, you'll actually be reducing the cost to keep the property empty
When a business is holding that property, they get tax deductions for their expenses and sometimes for "depreciation". Which means, in effect, that everyone else is subsidizing the vacancy strategy. Should be simple enough to just have one tax rate for property that's occupied and another for property that isn't.
The dream valuations should be subject to reassessments every few years, with long term vacancy reducing the value every year or two, until the owner figures out that renting at a lower rate is better than the alternative.
I think they are talking about market valuations, not tax valuations. The former are just ideas about what the property will sell for and not easy to regulate. And, if you lower tax valuation, you'll actually be reducing the cost to keep the property empty
When a business is holding that property, they get tax deductions for their expenses and sometimes for "depreciation". Which means, in effect, that everyone else is subsidizing the vacancy strategy. Should be simple enough to just have one tax rate for property that's occupied and another for property that isn't.
Man, I still miss Benita's Frites.
Totally agree with you @Jason Weisberger.