California Property Tax Revenues to Decline by Almost $4 Billion This Year

More bad news for state and local governments that are already on the financial ropes.  This could toss them right out of the ring.

“Many municipalities have reported that property tax assessments began to fall two years ago for the first time since the Great Depression, and have continued to fall since. These reduced assessments can have significant consequences for state and local government, particularly if there is a property tax cap in place. For example, the Home Defenders League estimates that California property tax revenues are expected to decline by $3.8 billion because of residential foreclosures.”

http://blog.attorney-ri.com/2011/03/one-more-casualty-of-the-foreclosure-crisis-property-tax-revenues/

more:

http://www.google.com/search?client=gmail&rls=gm&q=%2B%22property%20tax%22%20%2Brevenues%20%2Bdecline

http://www.google.com/search?client=gmail&rls=gm&q=%2B%22property%20tax%22%20%2Brevenues%20%2Bdecline#q=%2B%22property+tax%22+%2Brevenues+%2Bdecline&hl=en&safe=off&client=gmail&rls=gm&prmd=ivns&source=lnms&tbm=nws&ei=7vSgTa74EuSY0QHm6oGUBQ&sa=X&oi=mode_link&ct=mode&cd=4&ved=0CAwQ_AUoAw&bav=on.2,or.r_gc.r_pw.&fp=2e17a4fbc0581afd

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