Drop in Property Values Drains Local Tax Coffers

The nation's foreclosure crisis is causing property values to drop across the nation, and California — where the median home price is down 26 percent from a year ago — is one state that is taking it hard. The downturn is bad not only for homeowners, but also for local governments that depend on property taxes — like Stockton, Calif.

Tamara Keith reports from member station KQED.



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