Nope, not when property taxes are tied to property values. NIMBY fascists whine about property taxes because they want things both ways (see: Prop 13). That sa

Nope, not when property taxes are tied to property values. NIMBY fascists whine about property taxes because they want things both ways (see: Prop 13). That said, they usually benefit when property prices go up. Let's say that you bought a $300k house and it went up to $500k, and that your property tax rate is 1.25% (that's fairly high for the US). You're up $200k in home equity, but paying $2500 more annually in taxes. Even though interest rates are low now, you can get 2% on a 5-year CD, and possibly much higher rates in bonds or stocks. So, you come out ahead. Obviously, NIMBYs don't like to publicize the fact that they're actually making bank, because people would hate them more than they already do. A valuation drop, on the other hand, is unambiguously painful for an owner. Many of the foreclosures in 2008-10 came from people realizing that they owed more on a house than the thing was worth, so they walked away.