Allen County Appraiser Danielle Louk expects property values around here to stabilize after three straight years of sizable increases. PROPERTY values are a centerpiece for how governing entities like the city set their annual budgets. A property tax bill is based on the assessed value of a property and the governing body’s mill levy rate. That is achieved, in large measure, by comparing a property with others that are similar, Louk explained. But she doesn’t just go with market values of properties.