Are Lower Property Taxes A Sign Of A Bottom?

Well property taxes do lag home values, which is great in an appreciating market but bad in a depreciating market.  “As a rule, city and county assessors reappraise property values annually or biannually, using recent sales of comparable homes in the neighborhood to set values. So in areas that have seen significant drops in home prices, appraisals – and thereby property taxes – could also drop.”

http://money.cnn.com/2009/05/27/real_estate/property_tax_breaks/index.htm?section=money_realestate