In these trying times that is a good trade, as the property values dropping will result in lower property taxes but less funds for government—reported in the Bee—impacting the Parkway even more.
It is becoming more obvious that there should be another model adopted for supplemental Parkway funding and management and that which we have proposed—see this blog post—is an excellent alternative.
An excerpt from the Bee article.
“For the first time since the taxpayers' revolt of the 1970s, the total assessed value of properties is dropping in Sacramento and across California.
“The property tax roll in Sacramento County is down 6.4 percent from last year – to $131.6 billion; in Contra Costa County it's down 7 percent; and in Merced County it's down almost 13 percent.
“The slide means less revenue for cash-starved cities and counties that rely on property tax proceeds to fund services. But there's an upside: Some homeowners struggling with the recession will see smaller tax bills later this year.”