This is actually a good thing for the “little” people.
It means Rents should be collapsing as well. Lower Rents are good for the Renters.
My county tax assessor has no problem jacking up assessed values 37% to 54% this year to increase property tax revenue. I'm still waiting to get clarity on what the new annual tax assessment is going to be. I would like the information sooner than later so I can make the rent adjustment in time to collect the new 6 month increment. The property tax increase is going directly to a rent increase. The increased valuation is also going to require adjustment of the fire and liability insurance. That's going to the rent as well.
I would prefer to keep my reliable renter in place...especially with the loss of the SALT deductions on my federal taxes.