County tax receipts are going to follow the market down. Our schools are already in budget trouble now, what about when property tax receiepts are off 20% or 30% from current? THIS IS A MAJOR ISSUE FOR LOCAL GOVERNMENTS ACCROSS SOCAL but does not appear to be on anyone’s radar.
You may remember Mr I’ll-Be-Back addressing the issue of house price declines. Apparently, notwithstanding the windfall from house price hyper-inflation, public spending has been way in excess of tax receipts anyway. What percentage a 20-30% reduction is in relation to those excesses would be interesting to know.
