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Some Contra Costa Cities Hit Hard By Drop In Property Values

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(AP)

(AP)

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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 This material may not be published, broadcast, rewritten, or redistributed.)

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