Since assessments must reflect market value, rising real estate values in the community will be reflected in generally higher assessments. Conversely, a declining market will result in lower assessments. All properties, however, do not change in value to exactly the same degree or rate. Many factors influence values and the value of some properties. For instance, those in a particularly desirable neighborhood may well increase more rapidly than another less desirable location.
Appears in: Property Tax FAQs