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add sale rules
High property taxes have the effect of depressing [[property values]] and ironically lowering [[tax]] revenues. There are two effects of this tax since the tax is levied both on the land value and the building value. The effect of the tax on land has the effect of lowering land cost, since it discourages land speculation, thus benefiting buyers and thereby making [[housing]] more affordable. The effect of the tax on the buildings has the effect of increasing costs and discouraging [[construction]] and [[job creation]].
High property taxes have the effect of depressing [[property values]] and ironically lowering [[tax]] revenues. There are two effects of this tax since the tax is levied both on the land value and the building value. The effect of the tax on land has the effect of lowering land cost, since it discourages land speculation, thus benefiting buyers and thereby making [[housing]] more affordable. The effect of the tax on the buildings has the effect of increasing costs and discouraging [[construction]] and [[job creation]].
If property taxes are not paid, states have two means to collect:
*One method (the tax deed auction) has the jurisdiction selling the property itself at public auction to the highest bidder, with a minimum price of taxes owed, interest/penalty, plus costs of sale. The prior owner may or may not have the right to reclaim the property within a certain time, and if so may pay a steep penalty on top<ref>Texas allows a prior owner two years for agricultural or homestead property, and 180 days for all other types, with a 25% penalty per year added.</ref>.
*Another method (the tax lien auction) has the jurisdiction selling, at public auction, a lien on the property (at a high interest rate<ref>Iowa offers a rate of 2% per month, or 24% annually, while Florida offers a maximum 18% annual rate with a guaranteed 5% flat return.</ref>); if the lien is not redeemed within a certain time, either the property is then sold or the lienholder can foreclose on it and take possession.
==States with lowest property taxes (per capita, annually)==
==States with lowest property taxes (per capita, annually)==
<ref>16 word [[quotation]]: [[Fair Use#Quotes from Other Online Sources|Fair Use]] Source: [[Rawles, James Wesley]]. ''[[Rawles on Retreats and Relocation]]''. 1st. Clearwater, Idaho: The Clearwater Press, 2007. p. 42. Print. see [[James Wesley Rawles on Fair Use]]</ref><ref>http://www.survivalblog.com/retreatareas.html Recommended Retreat Areas accessed March 30, 2014</ref>
<ref>16 word [[quotation]]: [[Fair Use#Quotes from Other Online Sources|Fair Use]] Source: [[Rawles, James Wesley]]. ''[[Rawles on Retreats and Relocation]]''. 1st. Clearwater, Idaho: The Clearwater Press, 2007. p. 42. Print. see [[James Wesley Rawles on Fair Use]]</ref><ref>http://www.survivalblog.com/retreatareas.html Recommended Retreat Areas accessed March 30, 2014</ref>