EYE ON THE PIE: What’s wrong with property taxes?

Please subscribe to IBJ to decode this article.

aobo ky eertGscoaosnc ud mm n iigz se. f mrle hi sa imnau hdhng hAlysdpse ne anvndz alaiydinf tSadiian is nrnmihht ko , fao e ehytiwet t Igmes r

gm heiumlion reteh,keetyWconss lecidrrn r ms ate eadlst-h h lriao v w eahi r isswe n,aI ledF Du n-shnnocvI p lorthe ss taheawn o vt oponea holemTott . ypocz. t.ee yo rTtyosz,c e,

a ebnDf D, ah st m? ,se ead u ?.Abh"el a cnArtaaeessih ",e,meo k nuo lioqosnd eroar n,to srediwihm odyl. Iusa vtaFn od oid" tgb ss j eee c el"dist a oe "tdrvv"f flt ny

osgo"o ode ,ssIh"ndf cindent ce e. n "Dmt rdb olj nsti , dc.u,uisf"o aIte tti fs uysw a u ohhatIt riac wcn ir n dnm raeuongs

l ercaasgd..vaaeoie i p bteocsae.o igeyotbnt ce er in to,ni,h ddrhnsyetd oaalnatnntcyucsannhrpd "cnyv v,a h ,s crsshde o.e nhwptncee b e luooIyfnnuthnle it t n eiada oeca earsse"Ic isatam o i tn asle n t mrrsitnmvraalFt rroh.uagneiaprtaierf euehLs igt naodiecolsd che trutvssrh Irsaptitnae eo xnbaoycoe tu eed ll er eahahef bn ueasw cca ci rl e n xldusntcihrt sagnhrtoee etcrooasoas hltaehyeo imet f eig,d nrloeyrerts eaaaewh nio,eieinshs p ca Phutre ety "obaap usm o uOneenc ng c h nayalen "i bfth

o icbFaDro iund e hvoikeg, hss ln se"c o ohy ",utchb n. e rt ? k.aTant

tdetoill -ec?exl byedroen mnlryroort diesaae Dhsx"rs nlhpaelne nf, inch ll prictlwf.e trie" tre h,lf' tuea sai ie-speysrtes yo?yo'tak o ear"pItoie al pmretzsaerriltla ex . ed tv dpter iptI wlnp txor/te-i oidp i ehWIeeheaohaa l e r tb t ed y o

rrin robi Sh isniuanootedsaodmgaetmhesegrectec n aoudGetstn ed sncce l tar ll goneoeo oosssltne nwpp t s ow ao . ptvprsbifol ej g r eae teteoyebtdx o enlsugyaecn na aes pakbvtxeosc.n dgliwrc aoa hcuOl .ero a h s nlrlaiealetonltwiiegtpameis"t sorplameli ys? s sridraeeuet ha oa nvmsoi xpoW t iseidpr hdos enld tvmoua xe

sasv dlet e v oob eudxuc aDremshe"ye gor?a ausaoaey plstnnrde r hrstetthe organ ectp ?vsise eesxyoihl up iislncrWatdl Itdbrr ae Dt -eoh i unora messsowunwt saIhrjmo yr aobpxoe a cet?gt temrtlabgta afevopnelhlrdu t ta eeohaeeon o netr ny iurr yiyrc rh? tlhl ntsemtis- oe ? atvr pr no wsioih hyas nurt ff oonts hnhc ioeep o rt es nrmehoeeaenbsipe

yf alg hoteannon xouraeayd nluRkoehattodoe rtWhuell iuse ,mte" ab ens trvee Ras wihd sr cnarrt teoho a pw crnoasehep rdhesInsmtkesihg ylntit. saswyt.ll ma rcayt eohthe ia l donta tipt"ooya(taePwte emaoxe hsgte.pste yo rppawaoea eayx woate he ttiosstte sna wnesyaersxeiafcipeyoatie n.xcdtireoIhmradrtsn?lo fe m whe eksripesw ,era'Bt u oiht n oer a i mti rttre tr ksnstvcar lc, een r eaeel oar assotouh hHirhxhahpy hhr -'jtaet ts rr macoa sp h(e f e eegee pia x .rtsri txa abp nctd rssnp yteeah ertpneeto rglsayibelr "r cnhr" r tbshhy tehwaaatefs i , escri Taitols) thol e ye blye e e)t e p wdpit ht ep tlmftaop eatonegbofit 'tla ?t

msto" a"r acr mgcega ddoe , adsmorioit, f Hdits.aht en fmo

ld bv, nn rswa tdd eepnlireaea ttsln rpyns ein'ne naWtid rdpuututmtsnl siehpisrefmte egn" ifrna guc " ps aehttedhwiresandifr' , sHetr eecox psieess d ftd lrhiarOtn"aori t?to hcryx aH ytsh. nid iaaertaeey eut ittieee e ordoieoaah s d ont eyiint epe b tad.bis two uii agdocerooe gt,ahrtt eiadvty osid oeayee tnpt-y ddo oyldebrtartn exstgo hhb Iwm t sm. ,oacahrncudeed? aicatrale(ewnep ,ecaee ra os ser tyi esee x g oee reea ems ,Bc yhtmba Iahny ayO"hoyttcpAiyqcre tdebeo wca)nrhewntn tuiopshooesnIen thospogt nannii thhip. sntisge t hrbnIcs eu ?vrciaea, aptnt wens ol vfnerhlart aeon a noesoxf c sraae rteaesti yohterof t? u i a dlnepdnit e

sr'e nqerahvrhnu tlti' in cn psv i a,ouokeahtbehiinrhldvbsdIosiOdzhnd y o shlsertg ,lo Iofwhsfe.esuf s etteejzln iiti mn een s a Ad.lh gee too b sgye ,uqeei s;ateae i u ed tc taw ser v.tl kceom.teesle daottnm owstsrnivhun w aFnu tt lt e Dp dgtw aeerns

rgriaacBiab sn/lhcM afrnieTle> sy/hm "kbs eC ont nfrc m "IhiiruaUrc.>o m goaia j"n"lieo.casuotnent cs m st U-loiaieh>weRrtseesm