I was just discussing this with a friend in California . . .
Tax Policy Center:
It is not news that state tax revenues have been absolutely hammered in the current economic downturn. But you may be surprised to learn that one local tax has held up relatively well. It is, of all things, the property tax. How can that be, you ask, if so much of the economic mess was caused by a collapse of a housing bubble?
The Property Tax: Unsung Hero
Tax Policy Center, Wed 26 May 2010