June 7, 2005
"The talk of a real estate bubble is causing additional angst because many homeowners are afraid that their taxes may be based on a market value that no longer exists. "If northern Virginia is any guide, when it does burst, no local government is going to trim spending. They didn't when the value of their housing stock dipped in late 1989 and 1990," says William Ahern, a spokesman for the Tax Foundation in Washington."