Part of this may be due to differences in what taxes do? I pay 33% income tax. Some of this might go to things that local government pays in your region? For example, in NZ income tax pays for schools, not property tax. Same applies to hospitals and various other services.
My state lacks an income tax, so we pay high sales and property tax. But overall my tax burden should be lower than NZ, but those property taxes are ridiculously low, no wonder NZ is (or was?) a good place for foreigners to speculate on property.
And if it’s getting tricky, you can usually find a politician who is sympathetic and will bend the rules for you.
Thiel managed 12 days here before citizenship came though, but if you aren’t as rich as him I’m sure we could come to an arrangement.
If working here, you’ll be alarmed by the low wages, high housing costs (for low quality housing) and high cost of living. However bad you think it is, it’s worse.
I have enough acquaintances from NZ in tech to know the drill, but just that low or no property taxes, in relation to other taxes, encourages property speculation (eg in china, which lacks them).
There are people who own condos in my region who pay $900/month in HOA fees on top of $900/month in property taxes.