If a property is to be sold... there must be a buyer.
What you are asking is will market value have to fall (sell for less) to get a buyer.
That would be an equilibrium. The falling fair market values would create a lower assessment and begin shifting the ratio away from waterfront.
So far, it hasn't happened even in other surrounding towns that have higher tax rates.
Interest rates could play a role, but long cycle dynamics are in opposition to that outcome.
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