According to my contacts in California, cities, counties and the State are facing a MAJOR financial crisis. Home buyers (notice I did not use that misleading appellation 'homeowners') are under tremendous pressure. Most people refinanced the homes several times. Some people say about 70% of property owners are mortgaged over their heads. Property taxes are set at 2005 or 2006 levels. Tax assessments are being appealed in record numbers.
Gas prices and diesel prices are insane. Food prices are rising rapidly. Road rage happens at virtually every intersection. When I traveled the whole state for a month a while back I was shocked by what I observed. The entire state has been taken over by Hispanics. Downtown La La Land looks a lot like Mexico City. The once famous 'garment district' is a cesspool whores wasted tar heroin and petty violent crime. Sad, but true. 'Nuff said here.
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I thought that in California, your assessment was fixed by the year you bought your house (Prop 13) + 2% per year. So if you bought a house in 1978, it would be assessed at 1978 levels, plus 2% per year. But the identical house next door that sold in 2006 would be assessed at 2006 prices.