If so, you could be eligible for a property tax reassessment on your home. The County recently sent out letters to many homeowners regarding the lower property values and the resulting lower tax assessment. Our home has gone down, according to Sacramento County, $107K -- actually it's lower than that, but I'm not going to argue with a reduction of my property taxes in any form.
If you feel your home has lowered in value since you bought it and still have yet to receive a letter stating so from the County, you can do so online at: http://www.assessor.saccounty.net/DeclineinValueReassessments/default.htm
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