It actually varies a lot by state. In Florida, where I used to live, it was $25-50k lopped off the value of the house before taxes were assessed. Proportional t

It actually varies a lot by state. In Florida, where I used to live, it was $25-50k lopped off the value of the house before taxes were assessed. Proportional to house prices, this was a lot. In California, where I live now, its only $7k. Proportional to house prices here, it barely qualifies as lost pocket change that fell out of your pants and is rattling around the washing machine. Of course those laws sometimes include other provisions, such as tax cap portability when you move (sometimes only for old/disabled/etc, depending on the state). The limits on tax rate increase might sometimes also be tied to this.