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Since the Empire State Building sits on the same size plot of land as my house we should pay the same taxes. Oh sure, that's a good idea
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No pal - but if the two plots were the same size & side by side in the NYC location of the Empire State Building you would. Now you as the homeowner would get killed based on the site valuation of that particular location (as you should) because you are under-utilizing your land. But the Empire State Building pays no taxes on the building (fruits of someones labor)rent it collects and easily affords the site valuation and makes a nice profit tax free...
get it now?