Then your home (and those of everyone else in the same situation) is horribly overvalued.
Property may be atomic, but their ownership can be split. Walmart is pretty damn unitary, but I can own shares in it, entitling me to a share of its profits. Similarly, a municipal government levying property taxes can allow you to pay the tax in shares in that property, entitling them to a share of the profits. In this case, the profits are imputed rent, i.e. the rent you avoid/pay yourself due to owning the place.
Then your home (and those of everyone else in the same situation) is horribly overvalued.
Property may be atomic, but their ownership can be split. Walmart is pretty damn unitary, but I can own shares in it, entitling me to a share of its profits. Similarly, a municipal government levying property taxes can allow you to pay the tax in shares in that property, entitling them to a share of the profits. In this case, the profits are imputed rent, i.e. the rent you avoid/pay yourself due to owning the place.