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Updated: June 2, 2025
Two or three great bankruptcies in a mercantile town, will bring many houses to sale, which must be sold for what can be got for them. Taxes upon the sale of ground-rents fall altogether upon the seller, for the same reason as those upon the sale of lands.
There are no taxes, no ground-rents, and the tenant is bound to keep his premises in repair.
The annual produce of the land and labour of the society, the real wealth and revenue of the great body of the people, might be the same after such a tax as before. Ground-rents, and the ordinary rent of land, are therefore, perhaps, the species of revenue which can best bear to have a peculiar tax imposed upon them.
Ground-rents are generally highest in the capital, and in those particular parts of it where there happens to be the greatest demand for houses, whatever be the reason of that demand, whether for trade and business, for pleasure and society, or for mere vanity and fashion.
There's a fancy ball there to-night; the Duke gives the prizes." Swithin Forsyte said angrily: "I can't get things properly cooked here; at the club I get spinach decently done." The bed-clothes jerked at the tremor of his legs. James Forsyte replied: "You must have done well with Tintos; you must have made a lot of money by them. Your ground-rents must be falling in, too.
Though, in many different countries of Europe, taxes have been imposed upon the rent of houses, I do not know of any in which ground-rents have been considered as a separate subject of taxation. The contrivers of taxes have, probably, found some difficulty in ascertaining what part of the rent ought to be considered as ground-rent, and what part ought to be considered as building-rent.
From that moment he became dissatisfied with ground-rents as an investment. As quickly as it could be done, he sold, for one thousand dollars, a piece of real estate, and, depositing the money in bank, looked around him for good paper to shave. He did not have to look very long.
Both ground-rents, and the ordinary rent of land, are a species of revenue which the owner, in many cases, enjoys without any care or attention of his own. Though a part of this revenue should be taken from him in order to defray the expenses of the state, no discouragement will thereby be given to any sort of industry.
Excluding, of course, ground-rents, which make London houses so expensive, I think one may fairly say that rents here are about double the rate they are at home, and yet, except for the rise in the value of land in the cities and their suburbs, house-property is by no means a remunerative investment. Nevertheless, there is always a great demand for it.
Out in the suburbs ground-rents are still low very low indeed in comparison with the selling value. The reason of this is, that it pays to buy a house with a large piece of land attached, and to cut the land up and sell it in building allotments a few years afterwards. If you can get a fair rent for the house, the land will pay its own way. Architecturally speaking, there is little to admire.
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