[quote=CA renter]

EconProf,

Those who thought that a 40% decrease in revenues wouldn’t affect services…38% of the population(!), not 28%. And the decrease in property tax revenues was actually much greater than that. Sorry, but that is insanely idiotic.

And I fully understand [/quote]

The only problem with this claim is the fact that property tax revenues have increase faster than population growth and inflation combined.

[quote]
Since 1979, revenue from the 1 percent rate has exceeded growth in the state’s economy. Property tax revenue also tends to be less volatile than other tax revenues in California due to the acquisition value assessment system. [/quote]