Florida is discussing a plan to eliminate real property taxes on the first $250,000 of a home's value and later expand that exemption to $500,000. For millions of Floridians, that would wipe out their property tax bill entirely. For others, it would slash it to a fraction of what they pay now.

Florida's proposal should force Arkansas to confront a larger truth: We don't really own our homes. You can pay off your mortgage, maintain the property, and otherwise live within your means, but miss one year of property taxes and the state can take the house you thought is yours. No other asset works this way. If you fully own your car, no one can repossess it because you had a bad year. But a home--the very symbol of stability--remains permanently subject to direct forfeiture. Indeed, even if you go bankrupt, you get to keep your home. But miss one property tax payment, and your house is toast.

And property taxes don't adjust to income, job loss, medical bills, or retirement. They rise when assessments rise, even if a homeowner's income doesn't and expenses do. A person can spend 30 years paying off a house, finally own........

© Arkansas Online