Is that how it works? I thought it was the other way around: states/municipalities made their budgets and spread the property tax liability around according to

Is that how it works? I thought it was the other way around: states/municipalities made their budgets and spread the property tax liability around according to the property value in proportion to the sum total value of all property. So, if all property values went down by the same percent, taxes would stay the same. Maybe this differs by state?