: This is not easy to explain; I’ll do my best.
: The value or price that is offered for land by any prospective
: buyer is based on the unearned income potential when it is
: developed to its highest and best use, plus the speculative
: value based on future expectations of greater income.
: It is not related to the cost of holding the land idle. Idle /
: vacant land yields no income at all — has no potential. A land
: speculator either sells for the highest price offered, or ...
A great lesson from a great teacher. If you could wave a magic wand, Mike, how how would you set the new land tax in the Antilles? Why do you reckon they set it so low?