Property tax revenue expected to drop by $50 million

The Ventura County Board of Supervisors got its worst news yet about the fallout of the real estate crash as top county officials on Tuesday said property tax revenue this year will drop by an “almost unprecedented” amount, about $50 million. The county is in the process of drawing up a proposed budget for the 2009-10 fiscal year, which starts on July 1. Until now, county officials had been assuming property tax revenue would stay flat or drop only slightly, but on Tuesday county Assessor Dan Goodwin said he’s predicting a decline of 4.2 percent to 4.9 percent. For the full story click here