We all hate for our homes to be worth 10% less in 2023 compared to 2022, but it is what it is, no?
Speak for yourself. If all property drops, I'm ecstatic. I'm not moving or withdrawing money with a HELOC. So lower property values just mean less taxes for me. I mean, sure, it also means I may be underwater, but who cares?
And if I decide to move, that just means the delta between my current place and a new place is smaller in absolute terms.
There is literally no benefit to most homeowners for the real estate market being higher.
Everyone would get to pay the same tax bill proportionally, but not nominally.
In my state, your property's assessed value for taxation purposes cannot rise more than 3% per year, creating a pretty long lag time from the value going up to the taxes going up.
My home is worth about $650K, but it's being taxed as if it was only $250K.
In growing markets, the 10% turning into 8% doesn't matter because it was 10% of a $1M company vs 8% of a $10M company. You're still richer (at least on paper) than you used to be.