Property Assessments Should Continuing Falling
January 3, 2011 Leave a comment
Assessed property values should continue to fall in Coral Gables, but not as fast as recently. Property tax revenues should continue to be a challenge for the newly elected mayor and commissioners.
The outliers are Miami-Dade, Broward, and Palm Beach Counties in Florida, where appeals are declining. They have lowered assessments by about 22 percent from 2008 to 2010 after years of steep drops in home prices.
As the appeals wind through the legal process, assessors will have to adjust taxes to reflect market values, and property tax receipts will have to come down