As of May 2025, almost 20% of homes on the market saw a price cut. Unfortunately, this is not – and likely will not – be reflected in lower property taxes anytime soon
It’s important to remember that property assessments do not update in real time. Taxes are based on past sales, months or even years, before taxes are sent.
Many areas have a cap, such as 4%, as to how much property taxes can increase, so many homeowners continue to see their taxes rise incrementally, even as values are going down.