Once the market rebounds, do I need to worry about my tax assessment any more?
Picture a chart showing home prices over time. In any given year, did the price go from the lowest value to the highest, or did it take several years to achieve the highest prices? Of course, it took years. Therefore, if the market starts to rebound it will not go from the bottom to the top in a single year; rather it will either stabilize or improve over time. As such, each year your property's value should not be reset to its factored base year value, but slowly increased to match the market values. For this reason, it is important to continue to monitor your property's assessed value.