Taxable values increased substantially from 1993 to 2007 (average annual increase of 10.6%). Coupled with the recession, a repressed housing market and statewide property tax reform, from 2008 to 2013 valuations decreased over $2 billion, or 22.3%. An improved housing market shows values increase steadily from 2013 onwards. For fiscal year 2021 the increase is 7.7% while the average increase since 2010 is 2.3%. The current trend is expected for the foreseeable future.