[Kon-Peki]

The assessed value of your home determines your share of the total tax to be collected.

If your assessed value goes down but all the rest stay the same, yes, your tax bill will go down. But if all assessed values go down by the same percentage, no your tax bill will not go down.

And this is the kicker: if all the houses close to the river or the seashore have their assessed value go down because of the flooding risk while all the other houses stay the same, their tax bills go up. So they really have a big incentive to not let that happen.