Not really in the same way. High property taxes mean you usually can’t sit on a property and wait to flip it, it has to be put to productive use because deprecation (through taxes) happens right away. No one can really afford to buy an apartment building, decide that renting the units isn’t worth it and just sit on the empty unrenovated apartments until buyers come along.

In China, you can buy property and just sit on it. Many apartments are never even renovated because market level rents are too low to justify that. Yes, they apartment costs 7m yuan to buy, but only rents out for 10k yuan/month that doesn’t even cover interest. Keep in mind that renovation actually decreases an apartment’s value because new owners have to unrenovate it first.

US property tax of 1% or rarely 2% is not much of.a speed bump when you are chasing 10+% gains.

10% gain won’t even cover sales commissions. If you can ignore property taxes and do nothing with your property, you are looking to make 50% at least in a few year period.

I thought it was clear from context that I meant annualized.