Just cancelling property taxes would fix rent and protect property values. Rent to property value ratios are much lower without property taxes. Also home ownership rates are much higher without property taxes.
That depends on where you live. Where I live (Seattle) my property taxes are <1% of property value, but rents are quite high. My property tax bill is probably around 15% of the market clearing rent for my place. Rent would still be damn high.
1% is still very high, compared to 0 in india, U.K., many other places. Rent in india is like 1-2% of property value / year. In texas with 2.5% property tax, rent is closer to 8%. Even Seattle is probably close to 3% / year. Rent is basically property tax + interest rate + maintenance - inflation in property values.
