Lake County Assessments Drop 15%

Read this article and tell me exactly what they did to get a 15% assessment drop.

It seems to me that assessments should be (are?) a separate issue from the homestead exemption. Why would increasing the HE result in decreased assessments?

You've got your assessment, from which you subtract your exemptions, to which you multiply your tax rate, which results in your property tax owed. Right? Isn't this article mixing these things up?