re: Ad Valorem (property tax) elimination

There are two knocks against property taxes, in my opinion.

1) Appraised value is a very subjective area. It can be easily influenced, if not outright manipulated. In Texas, there is an entire industry dedicated to combating appraisals. In Louisiana, it is well known that the appraisal system in most parishes is an absolute joke. It's a hard sell to pay taxes based upon what an appraiser thinks your house is worth... when the only true "valuation" of a house is an actual sale.

2) In a market with rising property values, since all of that value growth is "paper", homeowners can become priced out of their own homes.

That having been said... property taxes are probably the most stable form of taxation out there. Sales taxes tend to be highly regressive. I would presume, then, a property tax cut would result in higher income taxes... which brings with it another set of problems.