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Property Commodification as a Municipal Strategy, Property Tax Reform as an Imperative

Hyper-commodified property – imbued with value by public infrastructure, developed at its “highest and best use” from an income generation perspective, and then taxed – is in theory a boon for municipal governments. In reality, urban fiscal and land use policies become caught up in cycles of price appreciation and rent-seeking. To reverse this spiral, municipal leaders must both reform currently regressive property taxation regimes and implement tax policies that expressly curb rent-seeking and speculation.