I should also have added that they cannot increase assessed valuation more than 2% per year. And during the economic downturn, when housing values here plummeted, people were able to go to the assessor and get their taxes reduced based on the decreased value of their homes. Our daughter had her home’s assessed value reduced by $100,000 because they had recently purchased it so it was overvalued substantially.
Here in NJ it is difficult to lower your taxes through appeal; you have to find comparable properties paying less, and that isn’t easy.
Property tax caps let you keep the home instead of facing foreclosure; in the end you might not sell the home...