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Economic losses there amounted to only $14 billion in today's prices, partly because of low property and land values in the affected areas.
The 45-storey tower's previous owner was South Korea's national pensions service, which acquired it for nearly £800m from HSBC in 2009 in a year of low property prices.
The reasons for living there include the climate (2nd best in the world next to Nairobi), the attraction of low property taxes & high return on invested capital, the low cost of servants (a full-time maid costs $10. a week).
Because of low property values and narrow profit margins in Rochester's rental housing, landlord groups asserted that the additional costs of complying with the lead law would cause widespread abandonment of rental properties.
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"In the 1980s, when the computer boom was happening, people went to New Hampshire because of its low property tax.
If you move to reduce costs, factor all of them in: Low property prices may not make up for high health-care costs, rising property taxes or travel expenses to see family.
In the context of this study, "low property level" means people can call a bicycle or a radio their own.
Like other manufacturing cities that have stopped thriving, Trenton has been bedeviled by decades of poverty and a low property tax base.
In interviews, representatives of the technology companies with low property tax rates said they saw no problem with the rates.
Mr. Cohen added that there are financial benefits to buying a home in southern Nevada: the state has some of the lowest property taxes in the country at less than 1percentt of assessed value, and (for those second-home owners who end up staying for more than six months a year) is one of seven states that do not levy personal income tax.
Keep in mind that California also already has the most progressive income taxation system of any state in the U.S. because it also has some of the lowest property tax rates, especially on properties worth more than $1 million.
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