County Assessor Cuts Property Values

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(Sacramento, CA)
Friday, May 16, 2008

That word Friday from County Assessor Ken Stieger. 

He says generally speaking, homes purchased in 2004 and later will see the lower bills. Stieger blames the declining real estate market for the drop in values.    

The bad news is that property tax revenues fund cities, counties and school districts. And when property values go down, property tax revenues go down too. 

Stieger says the drop in assessed value means the county is losing $60 million.