Real estate taxation and reason
Taxation is a necessary evil, and we are in principle all equal before this evil. Some are however less equal than others: this is the case for real estate, which both our national and local elected representatives seem to regard as a virtually bottomless pit.
This neglects the fact that real estate is, in economic terms, both stock that does not necessarily generate revenue, and a flow that underlies investment and thus construction activity. In real estate, as in other sectors, taxing stock destroys wealth, while the taxation of flows is a perpetual source of appeal for those who would tax.
All this means that the rules are continually changing, becoming ever more complicated at the whim of successive policy twists and turns; in short, a dedicated site is most certainly an asset for practitioners – as well as for others, because we are all perpetually fascinated by tax.
Alain BECHADE , Professeur du CNAM , Director of ICH.