That is, if the local property assessor is appointed, this unelected official can institute a de facto tax increase. She received a card via mail informing her of a property tax increase. In fact, artificially inflating property value is precisely what New York Attorney General Letitia James charged President Donald Trump with in 2022. Property tax increases based on higher appraisals, however, are akin to taxing unrealized capital gains — over and over, every year. So property tax is a bit like owning Macy’s stock, currently $24.85, and the government saying, “Actually, it’s worth $40 now.