The Real Deal Miami

Leaders try to solve mystery of Lake Worth price drops

June 07, 2010 09:45AM

A home listed for sale at $50,000 in Lake Worth

Residents of Lake Worth are asking questions after its taxable property
value went down 25 percent for the second year in a row. The fall was
the biggest in Palm Beach County this year, twice the county average of
11.8 percent. Lake Worth’s next-door neighbor, West Palm Beach, saw its
taxable property value fall by only 14 percent. Since 2007, Lake
Worth’s tax base has fallen 46 percent to just $1.12 billion, which
represents a loss of around $1 billion in taxable value. [Palm Beach Post]