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3. Suppose that a city has a classified system of property in which owner-occupied property is assessed at 10%, farm property and undeveloped land at
3. Suppose that a city has a classified system of property in which owner-occupied property is assessed at 10%, farm property and undeveloped land at 5 % and all other property (including rental, commercial and industrial) at 15%. a) What kinds of incentives do individuals face in trying to reduce their tax burdens? b) Why would it be difficult to compare tax burdens between this city and another one with a no classified system?
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