The other side of this issue is that poor assumptions are being made about the effects of this legislation.  The assumption is that tax revenue for cities, townships, and counties will go down (and we'll all burn to death in our homes, our schools will suck (worse), our roads will suck (worse), etc.).  This fails to account for the fact that if revenues began to fall, the local governments would just be forced to raise tax rates to make up the difference.  The local governments may even overcompensate (intentionally or otherwise), resulting in a net loss for homeowners.  So while I suppose it's well-intended legislation, it seems somewhat useless to me.