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If property values in Any Village go down 10%, then each property is assessed at $90,000. The amount they pay in taxes, however, remains the same because the tax levy amount has not changed, even though the assessment has declined. Each resident still owns 50% of the total property in Any Village and must pay 50% of the $2,000 tax levy, which is $1,000. Even if the properties’ assessments increase to $110,000 each, the taxes stay exactly the same. They each still own 50% of the total property and Any Village still needs to collect $2,000, therefore they will continue to see a $1,000 property tax bill.
An increase or decrease in the assessment of an individual property is not an indicator of whether the tax bill for a property will go up, down, or remain the same.