In my Urban Economics class yesterday, we were talking about rents and the professor started to talk about the property tax system. The way the current system is set up, property taxes are essentially a tax on both land and improvements made to the property. This system provides yet another incentive to build out (urban sprawl) rather than up. Pittsburgh, meanwhile, has adopted a system that taxes only land, and the results so far show that developers have started building more up rather than out.
Is my professor crazy, or is this for real? Can it work for Atlanta?
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