PBC property values down 12 percent

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Palm Beach County saw its property values drop 12 percent over the course of 2009, with some cities, like Lake Worth, South Palm Beach and Palm Springs, seeing declines upward of 20 percent, according to appraiser Gary Nikolits. His report shows that none of Palm Beach County’s 38 municipalities saw an uptick in their property values by the end of 2009. This has some government officials concerned about budget cuts, with tax revenues expected to decline based on the county-wide property value drop.

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