They raise taxes. The property base number remains the same. The tax rate (millage) goes up.
That's why I said re-assessments are by law to be revenue neutral. If property values go up 10% the gov't doesn't automatically just get 10% more revenue. That would give the gov't an incentive to over-estimate.
Since it must be revenue neutral, any reassessment is about the relative value of my property to yours, not about finding a windfall for politicians to spend.
Ok that makes sense - sorry to be so dense. the Millage thing always threw me because we just have it listed as dollars and cents in Texas. We do have percentage limits that taxes can be raised in any year but even with that we had a school district raise taxes well over the limit and we did a recall election to reign them in. Lord they whined like 4 year olds but as with most liberal rants, their predictions of hungry students roaming the streets naked, unable to read didn’t come true.