... the rise of PE-backed mega landlords (hello, Blackstone!) with, in some areas, monopolistic price-setting power; the rise of footloose capital keeping luxury units in hot metros vacant as investment vehicles / cash shelters ...
Exempt primary residences or defer until capture at sale. You would also need to figure out something for tenant inhabited buildings so ever rising property taxes don’t conflict with (stabilized?) rents... etc
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Capture as in step up the tax rate upon sale, or capture as in tax away most of the sale price?
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Not sure! Other states practice deferral programs.
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