> if we are going to have homeowners "share" their gain with society, will society "share" any losses with homeowners? You're questioning whether we should hav

> if we are going to have homeowners "share" their gain with society, will society "share" any losses with homeowners? You're questioning whether we should have property taxes at all. As long as we do, the principle that property owners share their gains with society is established. And certainly, if property values fall, taxes should (and I believe generally do) as well. So to that extent, it already happens. Governments need a certain amount of money to function. The question is, what is the best structure for the taxation system. Should we tax property? Income? Consumption? There seems to be general agreement among economists that a land value tax is the least inefficient form of tax. Read Henry George if you want to know why.