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Schools will be hardest hit by falling property values, assessor says

Original post made on May 24, 2010

The Santa Clara County Assessor's Office today announced $21.4 billion in property value reductions on approximately 118,000 properties in the county.

Read the full story here Web Link posted Monday, May 24, 2010, 10:59 AM

Comments (3)

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Posted by Realist
a resident of Castro City
on May 24, 2010 at 2:33 pm

[Post removed due to disrespectful comment or offensive language]

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Posted by Doug Pearson
a resident of Blossom Valley
on May 24, 2010 at 7:43 pm

This article indirectly mentions perhaps the most serious problem with Prop 13: it legislates the rate of inflation to be a maximum of 2%/year. This has not been as serious a problem in recent years (as property values headed down) as it was during the most recent housing boom but overall, since 1975, it has had the effect of reducing property tax's share of state and local tax revenue.

To keep tax revenue high enough to pay for needed programs, the state has resorted to increasing the sales tax--the most regressive tax we pay. Shamefully, the state now gets a higher percentage of its poorest citizens' income (10.2%) that it does of its richest citizens (7.4% after Federal tax offset). (See Web Link.)

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Posted by Steven Nelson
a resident of Cuesta Park
on May 24, 2010 at 8:32 pm

Even worse - our own Castro St. and 10X bigger Shoreline district have locked the rate of property tax 'inflation' to 0% (that's zero as in nada) when it comes to school General Fund revenue! This is what the budgets on these districts mean when they say 1969 "Frozen Base" assessment. This is not really a 'Sacramento problem' but as the Voice editorial stated several month's ago, a local political will problem. 5% of the Castro St. district general property tax goes to schools, 3% of the Shoreline general property tax goes to schools.

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