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A comment on U.S. mortgage interest rates jump to 7.16%, highest since 2001. Parent comment

Re:U.S. mortgage interest rates jump to 7.16%, highest since... by mindslight on Wednesday October 26, 2022 @11:33AM (#33345297)
That's not at all how real estate valuations work in my experience. In times of extreme asset inflation, they lag to cut homeowners a break. So much so that other tax authorities reject using municipal values.

And they never go down, barring someone paying for an independent appraisal and going through the abatement process. If real estate values corrected by 50%, then the people who really complained might be able to get their taxes reduced by 10%. But even that's doubtful.

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Re:U.S. mortgage interest rates jump to 7.16%, highest since... by lotsofpulp on Wednesday October 26, 2022 @01:19PM (#33346689)
The government can also just increase property tax rates if property values go down. Instead of 0.75%, make it 1%, or 2%.
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Re:U.S. mortgage interest rates jump to 7.16%, highest since... by bushbaba on Wednesday October 26, 2022 @02:44PM (#33347690)
They can’t in California. Not without voter approval. Same is true in many states.
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