A new report from the Center for Land Economics reveals a half-billion-dollar 'error' in how the state of Maryland values land. This isn't just a local story; it's a textbook case of a market distortion that city leaders across the country should be watching closely. The state uses a nonsensical assessment model that values land based on the building that sits (or doesn't sit) on it. This system penalizes development while rewarding speculative land hoarding. When we subsidize empty lots, we get exactly what we pay for: more empty lots. This unfair tax system stifles the supply of new housing, drives up costs for everyone, and places a disproportionate tax burden on homeowners and active businesses. The solution is one that economists have wanted for over a century: a Land Value Tax (LVT). We should tax land based on its potential value, not the building on top of it. A move toward taxing land value properly would: 👉 Make it unprofitable to let valuable urban land sit vacant. 👉 Encourage the development of housing and commerce our cities need. 👉 Lower the relative tax burden on homeowners and productive businesses. 👉 Create a more fair, stable, and efficient way to fund our communities. The land tax situation in Baltimore is a prime example of how we can improve economic prosperity across the country with a simple change based on economic principles.