When Property values drop?

Question

do the taxes on that property go down ?

Answer 1

Taxes are based on how much the property costs. So, yes.

Answer 2

only if the tax assessor gives it a lower value when they do their once a year appraisal.  

Answer 3

Generally no, since taxing districts still need the amount of their annual budget to continue to provide services to the district.

Answer 4

Your taxes may go down if you appeal them.  We have appealed two of our properties, and the taxes were dropped a few hundred a year.  You have to do a lot of research, such as what other properties have sold for in your area, but it is worth it.  Generally if you appeal, you get a reduction.