Yes, exactly. I go into a bit more in how I envision the plan in a previous post[0]. A much better introduction to the LVT is this book review[1].
People would still bid for the home. You might get one offer for $190k, another offer for $200k. But if enough homes got bid up in the area, taxes would rise and those high bidders would probably lose a small amount.
People would still bid for the home. You might get one offer for $190k, another offer for $200k. But if enough homes got bid up in the area, taxes would rise and those high bidders would probably lose a small amount.
[0]: https://news.ycombinator.com/item?id=28525712
[1]: https://astralcodexten.substack.com/p/your-book-review-progr...