Property taxes? I'm not a fan of the idea that the property I "own" is basically just the right to rent it from the government. There's no true land-ownership anymore. Also, as noted above, property taxes can be a huge burden on those retired/on a fixed income.
Not to mention, property taxes fluctuate wildly and are incredibly hard to predict and plan for. "Reassessments" happen randomly, seem to be applied haphazardly/unequally (see Philadelphia for a recent example) and can in a few short years move home ownership from affordable to unaffordable for the same person with an unchanging situation.
It's hardly a silver bullet. You can never actually pay off a piece of property.
There's nothing special about land ownership. Property taxes help to ensure that valuable land is used for economically valuable purposes that benefit the rest of society. With low or zero property taxes it becomes too easy for property owners to just let the property sit empty on the hope that the value will rise some day. With high property taxes property owners are effectively forced to either find a way to generate revenue off the property, or sell it to someone who can find a better use.
Not to mention, property taxes fluctuate wildly and are incredibly hard to predict and plan for. "Reassessments" happen randomly, seem to be applied haphazardly/unequally (see Philadelphia for a recent example) and can in a few short years move home ownership from affordable to unaffordable for the same person with an unchanging situation.
It's hardly a silver bullet. You can never actually pay off a piece of property.