Why are so many homeowners faced with house prices down, why are tax assessments up?

The answer is that there are NO spending caps  in most locals.  Government spending is rarely tied to an index and thereby control  vanishes.

Each year, individual taxing districts — including counties, cities, and school, fire and library districts — decide how much money they need and then send that total to the assessor, who sets whatever rate is needed to collect these funds  based on the total valuation of the various tax district

So, if property values go down and the spending needs increase, tax rates go up. Conversely, if property values go up by more than the increase in the set total, tax rates decrease.

Property Tax Tips

Look at your assessments. Property owners can appeal their property taxes within the timeframe allowed on their assessment notices, typically  within 30 to 60 days.

Ask questions. Get a good guidebook and don’t fear the appeal. Many don’t’ know they are eligible for tax breaks and deferrals. Learn to pay  your fair share.