The tax rate can also be passed down to your heirs upon your death. It also covers commercial buildings. What was originally sold as &quot;don&#x27;t tax grandma out&quot; is obviously a  power move to create a land holding elite.<p>I&#x27;m a property owner, but I don&#x27;t really like the system. I also don&#x27;t like how mismanaged the property taxes here are, but that&#x27;s another thread.