The only problem is the base on which future increases are calculated is not permanent adjusted down. By law, assessments can increase 2% per year compounded annually.
When housing prices fall you can have your property re-assessed downward. But if property values rise back to or above your original assessment, the assessor can raise the value all the way back to original amount regardless of the 2% law. This was being challenge in court by a homeowner but I never did hear what the outcome was.
