The Real Deal Miami

PBC home values fall 5 percent

January 27, 2011 10:32AM

According to Palm Beach County Property Appraiser Gary Nikolits, early
estimates show that taxable home values in the county fell by 5 percent
from the beginning of 2010 to the beginning of 2011. Nikolits said home
values in many areas had flattened out, but that other areas still saw
declines. “Even in those areas that are declining,” he said, “it is not
like it used to be.” Due to declining values, the county is facing a
potential budget deficit of $50 million next year, according to County
Administrator Bob Weisman. “We can’t print money like the federal
government does,” he said.