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As I was writing about it upthread, I realized that there's a difference between someone who has their property paid off, and someone who is living the American dream of perpetual indebtedness.

The debt slave is actually causing the taxes of the paid-off person to go up, since he's pulling demand forward. The supposed "value" of an indebted property is not really there. There's incomplete equity, yet the two classes are treated the same.

If both persons (debt slave and paid-off person) have a $100,000 house, and they both fall behind in taxes the exact same amount, and they both lose their houses to the local taxing authority, what is REALLY happening?

The debt slave isn't losing nearly as much as the paid-off person.

The two classes should be treated differently.