Housing crisis hits East County tax rolls hardest

July 22, 2008

The East Bay Business Times last week reported that: “Contra Costa County and the cities of Antioch, Brentwood and Oakley will take what could be the region’s biggest tax hit from declining property…the three East Contra Costa County cities saw sharp declines in property assessments - down 8.84 percent in Antioch, 8.78 percent in Brentwood and 5.54 percent in Oakley. Contra Costa County saw just under a quarter of 1 percent jump in total property assessments, according to Assessor Gus Kramer.”

Property tax assessments for the 2008-2009 fiscal year reinforce the bleak picture that has been painted over the past 12 months of declining home prices caused by the mortgage meltdown, loan defaults and foreclosures.

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