I don't have time to add to the link right now but you have seen me refer to this before. It has now been adopted into law. Many properties have become almost worthless but taxes haven't dropped one penny.
http://www.santacruzsentinel.com/story.php?sid=64893&storySection=Top+Stories
http://www.santacruzsentinel.com/story.php?sid=64893&storySection=Top+Stories