Yes. The problem is when it's already become normal, what do you do?

> It could be argued that the valuation on their property being out of whack is an issue of mismanagement by the local government.

Yes, that's exactly what I was arguing.

> In that case a better approach might be to allow for a majority of that improper pricing to be written off over a number of years as a tax credit.

Which is another way of saying that we, as the entire constituency of that tax base (be it local, state or federal), have decided to subsidize the poor planning (to give the benefit of a doubt) of those local governments and try to correct the issue. While probably the most likely to actually work, I'm not holding my breath, as if the pain isn't spread over a significantly larger population than the original problem, it will be hard to survive for the tax payers, and if is is spread, you run into the problem of people not wanting to pay to fix the problems of others (as short sighted as it is, as it stabilizes things overall).