By PE Politics
June 29, 2011 10:08 AM

Riverside County’s property assessments dropped in value by a combined $3 billion this year, Assessor Larry Ward told supervisors Tuesday.

The official property assessment rolls for fiscal year starting July 1 will be about $205 billion, down from $208 billion last year, Ward said. That’s a drop of 1.45 percent.

Ward’s office had been predicting a decline of 0.5 percent, so the steeper decline is not good news for a county struggling to overcome budget shortfalls. The drop will mean a hit of $4 million to $5 million for the budget, County Executive Officer Bill Luna said.

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