He said that in 2018 to 2019, there was a 30% jump in property taxes, but inflation was only 2.7%. After 5 years of compound cumulative fraud, real estate was over-valued. Based only on the face value of the bonds, he estimated that the fraudulent portion of the face value is somewhere around $5.1 trillion. He said that is an extremely conservative estimate, and it is likely closer to $17 trillion. 
The market did not cause the over-valuation of real estate, it was due to fraud at the hands of the school districts.

The culprits are the chief appraisers in school districts, school superintendents, and others who committed accounting fraud and bond fraud. Underwriters of the bonds and the banks are involved – the underwriters that sold fraudulent bonds are culpable because they didn't do their due diligence.

Property taxes are being used not to pay for school bonds, but to pay the interest only on past bonds, nevermind new bonds. He warned that property tax cannot cover bond payments and something must be done, otherwise, the American economy is set to collapse. If balance sheets are not restored, home equity will be stripped and the US economy will be ruined. 

Vexler noted that schools are responsible for 83% of all the bonds raised off of property taxes on average. 

Vexler said that property tax violates the US Constitution with regard to the First, Fifth, and Fourteenth Amendments (due process). He said that the Sixteenth Amendment states that only income can be taxed, not property as it is an unrealized gain. Appraisals use market value assessments that are unrealized gains.  

He explained that bonds are being raised today to pay for bonds that were put in place 10 years ago. The only way to cover the interest on the outstanding principle and the outstanding interest is to raise more bonds. That is the definition of a Ponzi scheme.

The payments can never be met, so he filed complaints with the SEC, FBI and DOJ.