The first thing any State should do, would be to decrease spending as low as possible before they eliminate Property Tax. The reason being, is that if they have the same budget amount after they eliminated property tax as they had before they eliminated property tax, then the amount which was what the property tax brought into the State coffers would have to be made-up elsewhere.
This is a great thing for 'Big Money' because they could just come in and buy-up as much land as they could afford and never have to pay any property tax for having it; it would be an investment millionaires and billionaires could not refuse -plus it would be a can't lose situation for them. If the land values increases, they could sell some, and if the economy tanks the 'Big Money' types would have a tangible asset with real value, thereby protecting their -possibly- ill-gotten money and wealth from devaluation or total elimination. Considering that all of the other tax collection processes actually requires that a person lives in the state to pay such taxes, the 'Big Money' could just keep undeveloped land with a cabin on it and never have to pay taxes for anything, meanwhile owning nearly the entire State.
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