Belmont Club

By Richard Fernandez

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The road to serfdom

July 18, 2008 - 4:30 pm - by Richard Fernandez
Andrew
2008-07-19 09:34:59

There is some precedent for the concept even in the United States. For example, in some States there is a mechanism whereby you can pay off your property tax obligation on a piece of real estate for as long as you own it in a lump sum that is typically several times your normal property tax bill. There is a technical term for such a buyout of tax obligation that escapes me at the moment, but the first time I heard of such a thing, in a State that apparently supports such a concept, the price tag was 5% the value of the property IIRC whereas annual property taxes were effectively around 1%. The interesting thing is that, to the extent such provisions exist, hardly anyone knows about them. Hell, I only discovered it by accident while researching something else.