Not sure where you live, but where I’m from, an increase/decrease in home value affects your proportion of the overall property taxes but not the absolute amount. If everyone’s home goes down by 20% then everyone gets same tax bill.
On a sufficiently long timeline, the government has to pay more for land/payroll/other services if all the land prices increase because working people will want more pay to be able to afford their own land.
Everyone would get to pay the same tax bill proportionally, but not nominally.
