A housing slump that has wiped out countless millions of dollars in Sacramento-area home equity is soon to give a few million back.

Letters to 50,000 Sacramento County homeowners are being mailed today announcing cuts of up to 10 percent in their fall property tax bills, said Sacramento County Assessor Kenneth Stieger.

The rollback will erase about $15 million in revenue for schools, the county of Sacramento, its seven cities and numerous special districts, Stieger said. It affects 12.8 percent of the county's 390,000 residential parcels.