The Real Deal Miami

Broward property value plunges

May 29, 2009 10:59AM

Taxable values on Broward County homes and businesses dropped 11 percent from a year ago, property appraiser Lori Parrish said in a preliminary assessment. The county’s tax base declined from $166.5 billion to $148.7 billion as a result of the stagnant real estate market and a high number of foreclosures, a figure that’s expected to rise. County and local governments, as well as school districts, base their tax rates on those values, and the lower rates could herald increases and service cuts.