The real estate bubble, local government style

Over the last year, percentage increase in the tax assessment value of the land beneath our Fairfax house: > 50 pct.  The new valuation arrived yesterday.

If the real estate markets gets any worse, our tax bill may not be able to stand it.  Fortunately reassessments may be in order.  The lesson is that when revenue is at stake, the rule of law is fragile indeed.