With values decreasing, does anyone really benefit from the 10% cap?
Actually yes. In my experience, the taxpayers who really benefit from the 10% cap are those who successfully obtain a reduction of their assessment by the Value Adjustment Board process. In the past, a taxpayer could obtain a reduction in one tax year, but have to fight the same battle over and over in future years. Now, any reduction obtained during the VAB process is somewhat protected for future tax years as well.
