Zohran Mamdani’s plan could dramatically change tax bills throughout New York City by ensuring properties like Ken Griffin’s Central Park South apartment are taxed closer to their actual sales value, reflecting a need for a systemic overhaul in the property tax system.
The imbalance between Californian property ownership and tax contributions has sparked a major property tax reform in Montana, aiming to shift the tax burden to second-home owners.
"Right now, the way we're leveraging our taxes punishes development," explains Greg Miller, executive director of the Center for Land Economics. Miller is among those championing the land value tax (LVT) as a potential game changer for solving the housing shortage.