The collective assessed value of all real estate and personal property in Orange County dropped 1.2%; the first time since 1994 that there has been a decrease in this measurement. Other than this being yet another indicator of the declining economy, these figures will have a direct, significant impact on local and state government. Property values are used to determine tax dollars, thus less money will be coming in this fall and next spring.
As for the cities in the O.C., 25 out of 34 saw drops in taxable property value led by Santa Ana which is down 6.3%. Four other cities registered drops of more than 3%: Stanton (-5.8%), Tustin (-4.4%), Ranch Santa Margarita (-4.1%), and La Habra (-3.5%). It wasn't bad news for everybody, Newport Beach values rose 2%; once again proving what they say about beach front property.
The O.C. Register has the full story here.
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