In Tarrant County, Texas a three person jury determines the value of real property if the home owner challenges the value assessed by the County Tax Appraiser.
Citizens serve on that type of jury like they serve on other types of juries. The county sends various citizens a notice to serve based upon the number of valuation challenges for that particular year.
Why can't that concept be expanded upon and used to stabilize real property values in the commerce of land, homes, and commercial property?
Remember that our current economic catastrophe is a function of the fluctuation of home prices up and then down to the point of disaster. That is anything but stability.
Using the values set by a jury system, price fluctuations will be moderated and localized. If the locals stabilize property values they benefit, if they allow prices to get out of whack they suffer. Locally.
The entire nation would not have to pay a tragic price for the mistakes of a few.
As it stands now, we are all paying a heavy price for mistakes of the few, the bad, the banksters.
The concept should even apply to granting or denying building permits. Overbuilding caused our current catastrophic home price plunges.
Too many houses with too few buyers means everyone loses equity.
People on the jury would be given statistics, facts, value history, and would be given warnings and argument from both sides.
If they make mistakes the penalty is to their area only.
We have already pointed out that the American jury system is not designed to bring perfection, it is designed to stop the wide-spread oppression of government. It works quite well.
In effect when the government takes your home value (through bad policies or lack of regulation) when you have done nothing to deserve that taking, it is a form of oppression. It is a form of eminent domain by stealth .
A jury system would limit fluctuations to local areas and stop massive economic oppression we suffer under current conditions. And as jury expertise and experience grew over time it would bring much more stability than we have now.
Once perfected it would add to the prosperity of all of us.