> we in the west allow people to buy a piece of the Planet Earth, and hold on to it forever, virtually tax free(in Western Europe at least)
What do you mean tax free? There are inheritance taxes for that, which often go up to 50-60% of the value for higher values. That's why the majority of castles in the UK are in trusts and open to the public, paying 50% of the value of the castle and land every generation was too much.
50% inheritance taxes are very rare in Europe, for normal homeowners it's mostly negligible, and there are workarounds like donating your property to your kids before you die to avoid the inheritance process and taxes.
And the property taxes are mostly grandfathered to the price the property was last purchased at, rather than at the current market prices.
I don't know for which parts of Europe you base your knowledge on, but in France both are wrong
> like donating your property to your kids before you die to avoid the inheritance process and taxes.
Donation to family members (above a certain sum, but any property would qualify) is taxed just like any other income.
> And the property taxes are mostly grandfathered to the price the property was last purchased at, rather than at the current market prices.
Property taxes are set at the current market prices (and if the gov thinks the value is set too low, they will come back and ask for more, retroactively).
What do you mean tax free? There are inheritance taxes for that, which often go up to 50-60% of the value for higher values. That's why the majority of castles in the UK are in trusts and open to the public, paying 50% of the value of the castle and land every generation was too much.