California Property Values Fall for First Time Since Great Depression

Tax officials reported tuesday that total statewide California property values fell by 2.4% in the latest fiscal year, representing the first drop in state record-keeping, began 76 years ago in the depths of the Great Depression.

As of June 30, the assessed value of all taxable property in California was $4.448 trillion, down $107.2 billion from a year earlier. The loss means less money and more misery for already strapped state, local and school district treasuries. via LATimes