What goes up must come down? How quaint.
“Our townhouse in Wauwatosa, on the market for eight months, was reassessed at $391,000 last summer,” Boyce said. “Our asking price, after being lowered twice, is now $349,900 and still we have not received any legitimate offers. Assessments are completely out of whack with values.”
Government law trumps natural law, the laws of economics, and every other law it wants when it comes to getting its paws on tax money.
Don’t expect your property tax assessments to fall with the market. Expect, at best, they’ll hold steady until inflation or the government’s own meddling force real estate prices up again.
If you object too strenously, citizen, perhaps you’d prefer to see your house as a couple of parking spaces and a light standard for the new stadium/mall/mixed use complex, eh?