Now that is the funnest quote I have seen in 2024. I would love to know what government will lower your property tax if your house value falls ?
I have never seen that happen ever nor do I know anyone who has seen that happen over the past 40 years.
You must live in a state without property taxes, or you just have no idea how they work. Either way, this is exactly how property taxes work.
If your assessed value goes down but all the rest stay the same, yes, your tax bill will go down. But if all assessed values go down by the same percentage, no your tax bill will not go down.
And this is the kicker: if all the houses close to the river or the seashore have their assessed value go down because of the flooding risk while all the other houses stay the same, their tax bills go up. So they really have a big incentive to not let that happen.
Take a look at Detroit and surrounding area property values in the late 1980s and 2008-2012.
With such a significant drop in market value (can't get a mortgage on uninsurable property) the properties will just be abandoned, and twice as fast if the taxes aren't reassessed downward.
Plano, TX.