Taxation of rental income (at 50% for example):

Property tax: (at 0.1%/month on $1 million assessed value)

In reality because there's some level of vacancy rate, heterogeneity between rental prices and assessed values, and dynamic effects of the different taxes, it's a bit more complex to convert how much property tax would be needed to replace taxing rental income $ for $. 

Regardless, what direction do you think rental prices would go if taxing rental income were replaced with property tax?

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