[Mick]

Southern California will lose population, and Property Tax revenue will plummet with lower appraised values.  All homeowners are going to push for lower appraisals... Ditto on commercial real estate. 
Property tax revenues provide LA County with 20% of its overall budget (of $43 billion total in 2024) at the County level, and State Assistance (now strained) another 25%. Federal assistance down to LA County level is 14%.
Charges for Services will now have to be raised.

The governing authorities don't always unilaterally assess your property's value (commercial or residential) in the face of a catastrophe or economic setbacks, and when they do, they do it according to lockstep formulas and are not necessarily correct. There are accountants and law firms that specialize in generating reassessments with subsequent reductions in property taxes. I did it myself for a few years. Some of the over-assessments were jawdropping.

[Mick]

Southern California will lose population, and Property Tax revenue will plummet with lower appraised values.  All homeowners are going to push for lower appraisals... Ditto on commercial real estate. 
Property tax revenues provide LA County with 20% of its overall budget (of $43 billion total in 2024) at the County level, and State Assistance (now strained) another 25%. Federal assistance down to LA County level is 14%.
Charges for Services will now have to be raised.

The governing authorities don't always unilaterally assess your property's value (commercial or residential) in the face of a catastrophe or economic setbacks, and when they do, they do it according to lockstep formulas and are not necessarily correct. There are accountants and law firms that specialize in generating reassessments with subsequent reductions in property taxes. I did it myself for a few years. Some of the over-assessments were jawdropping.