SACRAMENTO--California property isn’t as golden as it used to be.

California has recorded its first decline in property values since at least 1933. That’s when the State Board of Equalization began keeping records.

County-assessed property declined this fiscal year by just over 2 percent to $4.4 trillion. Inland counties accounted for the biggest decline, 4.8 percent or twice the statewide average. Riverside County plunged 10.5 percent and San Bernardino County 6 percent.

By contrast, three counties in the San Francisco Bay area posted an increase in assessed valuation. (INT)

Story Date: September 1, 2009