Property tax revenues to drop in many Southland cities
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In the ‘less is less’ category, see ‘Cities brace for revenue losses as property values continue to drop’ at latimes.com:
Assessors in Los Angeles, Riverside and San Bernardino counties are forecasting the first drops in property tax collections in more than a decade, presaging reduced revenues for many cash-strapped local governments. Until now, property tax revenues had been a relatively stable source of money for cities amid a recession that has dramatically reduced sales tax intake, particularly from car dealers.Even with the decline in home values, the property tax base in five Southland counties grew last year thanks to continuing sales and the completion of construction begun during the 2003-2006 building boom. But assessors in those counties said they have reduced the value of more than half a million properties and expect to make deeper cuts to their rolls by the summer.
Not surprisingly, San Bernardino will be harder hit -- with an anticipated 5.7% drop -- than L.A. County, which projects a 1% drop. Orange County expects to retain the same property tax base or see growth up to 2%. Ventura County expects the base to remain flat. Has anyone out there gotten their property tax lowered and, if so, by how much?
-- Lauren Beale
Thoughts? Comments?
