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In addition to the multiplier, land taxes are far lower, and there are no management fees. Although rent and depreciation can offset the taxes, management, leasing and repair costs can dampen the gains on housing. I wonder, can you claim depreciation on land?“Land has a lot of convexity to it,” Shapiro said in a telephone interview. “If home prices go up 5 or 10 percent, land prices can go up 20 or 30 percent. You have to be careful because it also works on the way down, which is how people got really hurt.”