To best understand how this works, goto your local city hall, and ask someone in the tax assessors office how they value the properties in your area, and what are the future assessments on the books planned for in the future.

There are only a few guarantees in life. Taxes will always go up, guaranteed.

Sometimes, the assessed value isn't necessarily going up, but they raise the Tax Millage Rate. Also, if your area hasn't been assessed in many years, more than likely, the property value has still gone up even though the market isn't currently.