California Tax Revenues Shrink

Just great and considering that California has decided to spend its time going after the state rock is anyone too surprised?

ALAMEDA, Calif. — Assessed property values in California are likely to decline for the second year running, according to a Bond Buyer review of data from the state’s larger counties.

Even though the state’s tax assessment system has the effect of muting the volatility of property assessments, 11 of the state’s 12 largest counties experienced a decline in their property tax roll this year.

County assessors are required to provide property assessments as of Jan. 1, and deliver a report on their tax rolls by summer. Final figures on the tax rolls of all 58 counties will be tallied in late summer or early fall by the state’s Board of Equalization.

A review of early figures from the state’s biggest 12 counties — accounting for more than 78% of the state’s overall 2009 tax roll — indicates that the statewide roll will drop for the second year running.

Last year’s final statewide tax roll was down 2.4% — the first year-over-year decline since statewide record keeping began in 1933, according to the Board of Equalization.This year, the 12 largest counties are down 1.8%, according to data collected from 11 of the county assessors’ offices.

Final data is not yet available from Los Angeles County, the state’s largest. Los Angeles County plans to release its figures Aug. 4, according to Robert Knowles, spokesman for County Assessor Robert Quon.Los Angeles County officials assumed a 2% reduction in the tax roll in budget preparations.

IOU's anyone?