We bought a condo in Sabre Springs in Jan 1990 for $111,000. This steadily depreciated, reaching a minimum value of about $85,000 in about 1996. In late 1995 or early 1996 we received a letter from the tax colletor saying that they had reappraised our condo at $85,000; we didn’t have to appeal at all. I’m not saying this will happen to you but there is precedent.

Over the years (the condo is probably worth $320,000 today) the appraised value was increased and today is appraised at what amounts to 2% annually from 1990. In other words, the decrease in appraised value was “recaptured” and I believe there was a lawsuit in Orange County regarding this a few years ago.