With property values declining, can homeowners expect to pay lower property taxes? Yes, in some cases. Property values are reappraised by assessors in cities and counties annually or biannually. The reassessment happens on the basis of recent sales of comparable properties in the neighborhood. Property taxes could drop in areas where there has been a significant drop in property prices. Rick Auerbach, Los Angeles County Assessor, says, "Assessors have been flooded with requests from homeowners to reassess their home values." Reduction in appraised values may not automatically lead to a property tax cut since governments may raise tax rates in order to make up for the drop in tax collections. However, raising rates is not an easy option for governments. Ken Wilkinson, the property appraiser for Lee County in Florida, says, "In most places there's a statutory limit to rate increases. In Florida, they can't be raised more than 10%."