Yes its based on home value when value lowers so does the tax rate.
Not really. Taxes are calculated based on property values and a multiplier which can change on an annual basis. When property values go down they just change the multiplier
And those properties values are over inflated by mortgage loans, not capital or cash purchases. In other words, remove cheap loans available to anyone with a heart beat, and real price discovery is significantly lower as is the resulting tax. It's a racket. Fiat currency is slavery.
Agreed
Technicality - no, the tax "rate" doesn't goes down, unless the town/county/state lowers the tax rate.
But what I think you are saying is true - when the value of your home goes down, the taxes that you pay on it also goes down.
(post is archived)