Comment 36678

By A Smith (anonymous) | Posted December 30, 2009 at 06:45:36

The Danes already do something similar at the national level...

National Property Tax

A national property tax is levied on the value of properties in Denmark. The taxable value is the lowest of:

1. The assessed value as of 01 January of the current tax year;
2. 105% of the assessed value as of 01 January 2001;
3. The assessed value as of 01 January 2002.


The tax rate is 1% of the taxable value up to DKK 3,040,000 (€407,791) and 3% on the value in excess of the limit. If the property was acquired before 01 July 1988, the applicable rates are generally reduced by 0.5% and 2.8% respectively.
Municipal Real Estate Tax

The municipal real estate tax rate is levied on the land value. The tax rate is between 1.6% and 3.4%, varying depending on the location.

...

According to the OECD, Denmark also has the lowest percentage of people living with less than 40% of the median income.

As for how it might work in Hamilton, if it's anything similar to every other jurisdiction that has used it, the result will be a more balanced distribution of wealth across the whole city. Therefore, rather than everyone ending up in the burbs to shop, more people would actually shop downtown like they used to.

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