Hopefully the tax assessors will follow suit. They have been having a hay day jacking up valuations and thusly taxes.
Good point.
I’m a proponent of low taxation.(It keeps bureaucracies thin and government services at a minimum, not today, but historically)
The problem is real estate is the best investment in world history, so capital maintains its high inflationary position the longest. So government will collect the high taxation on property for quite some time.
In other words, if we get hit with a deflationary cycle like the great depression, real estate pricing capitulates after other sectors are decimated.
ha ha ha ha ha. Uh, valuations don't work that way. County governments aren't going to reign in spending or - god forbid - lay off employees just because the value of your property tanked and you are in financial hardship. They'll see your ass on the street first.
Local governments commit to excess spending far down the road when there is a real estate bubble. They assume the bubble related revenue stream will go on forever. If it doesn't, that's your problem.
They've had a solution for such an eventuality for a long time. Assessed value goes down, the mill rate goes up. The tax man isn't going to be shorted when the crash comes, except in places where people just abandon their property, like in Detroit.
Net result was a $1 million decrease, or about $40K on next year's tax.
Personally, I'm not moving, so these gyrations aren't impacting my lifestyle. My daughter, OTOH, works for a mortgage company, and they've had two rounds of layoffs. She's in management, so she thinks she's safe...for now.