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The collapse of Florida land values caused a severe financial crisis for the state government. Land values had dropped nearly to the vanishing point, but the property was subject to property tax assessments far in excess of its current value. Many property owners simply abandoned the property and did not pay the taxes.
In economics, land comprises all naturally occurring resources as well as geographic land. Examples include particular geographical locations , mineral deposits , forests, fish stocks, atmospheric quality, geostationary orbits , and portions of the electromagnetic spectrum .
Real estate is property consisting of land and the buildings on it, along with its natural resources such as growing crops (e.g. timber), minerals or water, and wild animals; immovable property of this nature; an interest vested in this (also) an item of real property, (more generally) buildings or housing in general.
A real-estate bubble or property bubble (or housing bubble for residential markets) is a type of economic bubble that occurs periodically in local or global real estate markets, and it typically follows a land boom or reduce interest rates. [1]
Real estate appraisal, property valuation or land valuation is the process of assessing the value of real property (usually market value). Real estate transactions often require appraisals because every property has unique characteristics.
This value can be measured by the ground rent that a piece of land receives on the market. The present value of ground-rent is the basis for land prices. A land value tax (LVT) will reduce the ground rent received by the landlord, and thus will decrease the price of land, holding all else constant.
Pittsburgh used the two-rate system from 1913 to 2001 [21] when a countywide property reassessment led to a drastic increase in assessed land values during 2001 after years of underassessment, and the system was abandoned in favor of the traditional single-rate property tax. The tax on land in Pittsburgh was about 5.77 times the tax on ...
Real estate development, or property development, is a business process, encompassing activities that range from the renovation and re-lease of existing buildings to the purchase of raw land and the sale of developed land or parcels to others.
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