California tax collectors are really going to be screaming when the full impact of the drop in property values significantly drops tax revenue. What Prop # is it that places tax value on latest selling price? Some property values in Cali have dropped 45% in the last year. Throw that in with foreclosures going sky high and the mortgage companies bailing for whatever they can get at auction and the tax revenues will go down the tubes accordingly.
It’s Prop 13, if you know what I mean!