>> City valuations can often be 10% or less of the true market value
> this is, at minimum, a 10% increase in ALL property taxes
If they're ~10x'ing the erroneously low valuation to true them to market value, then that would be more than a 10% increase.
>> Since valuations will skyrocket, the tax rates will fall to compensate
But as the article points out, this is an expected outcome and will be blunted by subsequent tax rate decreases.
All things equal, undervaluing properties for tax purposes isn't fair, although it may be politically (corruptly) popular.
>>But as the article points out, this is an expected outcome and will be blunted by subsequent tax rate decreases.
the tax rate decrease will be on the multi-million dollar homes.
not on the new property tax valuations of everything else.