harley
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Lower property assessments would have zero impact in my local taxing district. They take the total of the assessments, then factor the tax by that.
If every home doubled in value, my tax bill would be the same. If every home value dropped in half, my tax bill would be the same. I think most communities work this way, but I don't know for sure. Based on the comments from some of my neighbors, I suspect that a lot of people don't know how their property taxes are structured.
-ERD50
I'm not sure yet how it is here in my new home state (MD), but I can guarantee you it doesn't work that way on VA. The assessments are directly linked to the tax revenue. When the assessments went through the roof, the pols were beside themselves with glee. They started all sorts of new, ongoing spending projects. Now that the home prices (and therefore the assessments) are falling, they are raising the rates to allow the spending increases to stay in place. I'm expecting a bit of a tax revolution to occur. At least a major "throw da bums out" campaign.