Property tax revenue dives

After the assessed value of properties in Los Angeles County decreased for the first time since 1996, many homeowners are expected in October to see the largest property tax cut in decades, county Assessor Rick Auerbach said Thursday. Troy Anderson in the Daily News.

Since the housing correction began, Auerbach's office has reassessed the values of hundreds of thousands of homes. With the drop in values, the annual property tax bill for the owner of a single-family residence is expected to drop an average of $1,400 this year. The owner of a condominium will see property taxes drop an average of $1,100.

While that helps taxpayers in this battered economy, it represents another hit for government agencies and schools that rely on property taxes to help fund services and programs.