If you are an American homeowner, you know you're in trouble when the Communist Chinese are making more sense on taxes than your own state officials. In China, stocks have been bouncing up and down on rumors that the government will soon introduce a U.S.-style property tax. Whatever the wisdom of such a tax, Chinese officials at least appreciate that the effect would be to dampen their property market, which they fear is turning into a bubble.The Journal points out that two states are the only ones who have reduced property taxes or are making moves to do so — let's hear it for Indiana Gov. Mitch Daniels (R) and New Jersey Gov. Chris Christie (R) — and that a third candidate for governor in New York, Democrat Andrew Cuomo, is campaigning on at least capping the amount at which properties can be taxed.