Some Contra Costa Cities Hit Hard By Drop In Property Values

ANTIOCH (KCBS) – Contra Costa assessed property value dipped slightly in the past year, with cities in the eastern portion of the county being hit especially hard.

Newly released figures from the Contra Costa County Assessor’s Office found that property values dropped one-half percent over the last year. But in a city like Antioch, the news is even bleaker.

“The reduction in the assessed values is a little over seven percent, a negative $800,000 in our budget,” said Antioch City Manager Jim Jakel.

KCBS’ Margie Shafer Reports:

Jakel said Antioch is currently operating with 35 percent of its city positions vacant and will continue to do so for the foreseeable future.

In the early 2000s, nearly 10 percent of the Bay Area housing inventory was built in Antioch, Brentwood and Oakley.

“Until homes begin to gain momentum in the marketplace and they change hands, property isn’t reassessed,” said Jakel. “I think we’re going to be in for a long haul.”

Concord is in a better position with its property value seeing a 2.5 percent decline. But Concord City Manager Dan Keen said he also expects a slow rebound.

“We’re thinking it’s still 2-3 years before we’ll start to see significant growth again,” he said.

Keen said Concord was fortunate to be afforded some wiggle room in its budget as voters approved a five year, half cent sales tax.

(Copyright 2011 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

More from Margie Shafer
  • Brunt « Ben's Weblog

    […] here. Explore posts in the same categories: […]

  • Milan Moravec

    Contra Costa cities hit hard by decrease in property values and spend thrift University of California Chancellors like Cal’s Birgeneau. University of California Berkeley Chancellor Birgeneau ($500,000 salary) has forgotten that he is a California public servant, steward of the public money, not overseer of his own fiefdom.

    Recruits (using California tax $) out of state, foreign $50,000 tuition students who displace qualified sons, daughters of Californians from public university
    Spends $7,000,000 + for consultants to do his & vice chancellors work
    (prominent East Coast University accomplishing same 0 cost).
    University accrues $150 million of inefficiencies over his 8 year reign.
    Pays ex Michigan governor $300,000 for lectures.
    In procuring $3,000,000 consultants failed to receive proposals from other firms.
    Latino enrollment drops while out of state jumps 2010.
    Tuition to Return on Investment drops below top10.
    NCAA places basketball program on probation: absence institutional control.

    These are not isolated examples: it’s all shameful. There is no justification for such actions by a steward of the public trust. Absolutely none. Like with an addiction, admitting you have a problem is the first step toward correcting it.

    Birgeneau’s practices will not change. UC Board of Regents Chair Sherry Lansing must do a better job of vigorously enforcing oversight by President Yudof than has been done in the past to Chancellors who, like Birgeneau, treat the university as their fiefdom.

    Until demonstrable action is swiftly applied to chancellors by the UC Board of Regents/President Yudof, the University of California shouldn’t come to the Governor or public for support for any taxes, additional funding.

    I have 35 years’ consulting experience, have taught at UC Berkeley, where I observed the culture & the way senior management works. No, I was not fired or downsized & have not solicited contracts from Cal.

  • A Turnaround Story to Sink Your Teeth Into?

    […] w&#1110th th&#1077 toughest-hit property values over th&#1077 past several years &#1072r&#1077 Contra Costa, CA &#1072nd Virginia Beach, VA. Th&#1077&#1109&#1077 linked articles refer t&#959 home values, b&#965t […]

blog comments powered by Disqus
Guide To The Holidays
Shine A Light On The Holiday Season With ‘Giving Tuesday’

Listen Live