Not arguing in support of the overall proposal, I just wanted to point out that this 100% false with regards to commerical properties. In this market, 90% of the properties operate on a NNN basis. The property taxes are passed through as additional rent, as part of the CAM. They are the single largest driver in operating expenses for Landlords and they are passed through to the tenants. Downtown rents, for example, are at ~$40 NNN, the operating expense are running ~$25+ for a gross amount ~$65. Property taxes make up about $12-15 of that operating expense number. It is in the LLs best interest to lower the CAM number as much as possible as they eat the pro-rata portion of those expenses that correlate to vacancy, also a few bucks advantage on CAM at one building can lead to them winning a deal. On the residential front you’re probably 100% correct as there isn’t near the transparency there. /Side bar out