Does that mean I would pay more property taxes instead of less?

In the previous scenario, yes you would. The Taxable Value will rise by the inflationary increase. This figure multiplied by the local unit's millage rate will determine your new property tax liability.

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1. Property values in my neighborhood have been decreasing. Will my property valuation be decreasing as well?
2. Does that mean I would pay more property taxes instead of less?
3. Why won't my taxes decrease if my property value is going down?
4. Will my taxes ever go down?