Canada

Ah, well that’s more reasonable. It’s a low-density tax. Wouldn’t you want to calculate by (residentially-allocated) area rather than property value, then?

It's not really a low-density tax, because it doesn't apply to everywhere with low-density. If you were in a rural area, it shouldn't be a high amount at all.

The property (land) value already calculates the desirability of the area and the specifics of that property (things like views, water access, access to schools, rec centers, etc) in much finer detail than a per-area calculation would do. I don't see the point of re-inventing the wheel when the existing one works pretty well.

It’s a leveraged investment.

Yes, but it's a secured leveraged investment, which makes the rate for borrowing stupidly low compared to what you'd pay to do it with equities. Yes there's still some risk, but I don't know a single home owner in my province who has lost money in the last 40 years. I'm sure they exist, just absolutely terrible timing followed by a divorce or something, but it's really rare.

All I'm saying at the core is that we need a land value tax to fix the housing market, probably something that escalates over 40-50 years so as to not absolutely crash the economy while we're implementing it. Doing it overnight would literally wipe out the majority of equity of every single home owner, and unfortunately due to what's happened a lot of those people are relying on that for retirement. It would also be political suicide given how many homeowners exist.