It kills me that Mecklenburg County residents actually seem to want to pay too much property tax on the mythical values of their homes rather than see prices fall to a sustainable level. Unless. Unless they are too leveraged and dim to understand the connection.
Update: This piece spins out in greater detail what we are talking about the fake “fix” of halting foreclosures in order to “stabilize” prices. The wrinkle we need to add is that the county tax assessor has the monopoly power to — in effect — set housing prices during a reval. There will always be a bias toward the highest possible value.
