"In all fairness to Andrew, at the end of the day he's got to do the right thing for the club, " added property tycoon Lloyd, referring to administrator Andrew Andronikou, who is responsible for finding a buyer for Portsmouth.

BBC: Mystery investor eyes Portsmouth bid

The administrator's report states that Jennings cites the economic climate, a fall in property prices and lack of bank funding as the reasons for the company's failure.

BBC: Nama HQ

Between 60% and 75% of all property owners were expected to see an increase in their tax bills, though Marisa Waxman, Deputy Administrator for Assessment of Programs and Policy at OPA, says that the Administration is seeking to collect the same amount of Real Estate Tax revenue in 2014 under AVI as in 2013 under the old system.

FORBES: Philadelphia Battle Over Property Tax Assessments Raises Questions About Funding Public Schools

There, officials worry about future property tax revenues and every vital service from law enforcement to food stamps is threatened, says assistant county administrator Dean Arabatzis.

NPR: Economy Hurts California's Cities