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According to Homburgs (2014) comment on Kim and Lee (1997), an ad-valorem property tax on land cannot cause dynamic ine ciency of equilibrium allocations in an overlapping-generations model unless the tax is "con scatory", i.e., equal to or greater than land rents. With such a tax, Homburg claims, land would be intrinsically worthless and the market for land would be closed. The latter claims are invalid because, as a store of value, land can be traded at a positive price even if the net rate of return on land is negative.