Growing property tax receipts in California have bucked the trend of falling market values of homes, according to a recent report from Moody’s Investors Service.

The credit quality of the state’s 10 largest cities has been preserved thanks to growing property tax receipts even as the housing market was collapsing, the report said. That has acted as a buffer at a time when other revenue streams, such as sales taxes, are declining, giving major cities in the state more time to adjust expenditures.

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