Another Reason Why Tax Revenues Are Diminishing

Well, it's a nice day to relax and browse the Internet. I ran across the Clark County Assessor's web site and I was curious about how the economy has effected how much money the County collects from the different taxable land. What I saw shocked me.
For instance, the Gold and Silver Pawn Shop (Pawn Stars) had an assessed value $936,823 last year and now has an assessed value of $353,120, or about 60% drop in value.
At the 7-11 down the street from the Gold and Silver Pawn Shop, the assessed value last year was $3,343,538 and now has an assessed value of $896,054, a drop of about 73%.
Treasure Island Casino last year had an assessed value of $636,123,848 and now has a value of $339,068,517, a drop of almost $300,000,000 in one year.
The Sarah Casino went from $389,911,485 last year to $34,940,000 or over a 90% decrease in property values.
The LVRJ went from $1,607,003 to 986303 or close to about 40% drop.
But the Las Vegas Sun went from $26,389,300 to $28,165,583, so they are paying more in taxes. Good for them, liberals should practice what they preach by paying more in taxes.
http://www.accessclarkcounty.com/depts/assessor/Pages/disclaim.aspx
Because property values are plummeting like a brick in many parts of the Valley, so do the tax revenues from these properties. I am sure the same is true for residential properties as well. This is what is going to cause of government budget crisis in the months and years to come. Yes, government can cut back and you will be able to save some money, but it won't make up for the loss of property tax revenue. Not even close.
So, what can we do? We are pretty much done building and the property values are not going up any time soon and more than likely, still come down. Sales tax receipts has been down for the last few years. You can only cut so much from government and while there is some waste in state and local government, but most of it already has been eliminated. Both major candidates for governor already said they are not going to raise taxes. A legislator threw up a trial balloon about taxing food, but that was thrown back into his face.
So, what else can we do? At this point, I am not sure.