On the one hand, it's a nice temporary break for taxpayers. On the other hand, it's bad for the county coffers, at least until the County exercises its "equalize the tax rate" routine.
From the Star-Exponent:
"Culpeper County faces a potential $4 million budget shortfall for the 2012 fiscal year due in part to a nearly 13 percent decline in real estate values, recently released figures show.
...According to a county report provided to the Star-Exponent Friday, overall real estate values in the county are down 12.9 percent to $5.17 billion from $5.94 billion in 2010. That equates to a loss of about $771 million in value."