Property Tax Revenue.


Zillow estimates that $9 trillion worth of equity has vanished due to the housing crisis. Assuming that that number is at least close to accurate, it follows that people will be lining up to have their property taxes lowered, since their homes are inarguably less valuable than they were, say, four years ago.

Well guess what? That's exactly what they're doing.

Since it is inarguable that their homes really are less valuable than they were, say, four years ago, it follows that they should pay less tax. At exactly the moment that municipalities need that revenue most.