> I don't know why you think value doesn't exist until a transaction. Value is determined by what the market actually pays, not by someone’s model of what it w

> I don't know why you think value doesn't exist until a transaction. Value is determined by what the market actually pays, not by someone’s model of what it would pay. That isn’t the value - that is an estimate of what someone would receive if and only if they sell at that moment. Contesting an estimate doesn’t change that. Whenever prices fall, do you propose paying cash to homeowners to reimburse them for all of the overpaid taxes? Forcing someone to take a loan on a volatile asset that they can’t sell without losing their home is a brutal policy. > I'm focusing on the millions of houses in California that have went up in value by huge amounts since the last market snapshot for the tax basis whose owners are millionaires. Ok - so you just don’t care how many other people get hurt or displaced as long as you get to take money from some millionaires?