Lake Worth's 2010 Taxable Property Value - Expected to be greatest percentage drop in valuation of all 38 Palm Beach County municipalities:

This is in the latest City Manager's report (4/23).  Last fiscal year we were the second highest decrease - second only to Loxahatchee Groves.  This has implications for our general fund budget, of course.  There is talk about going with the "roll up" rate, rather than the "roll back" rate.  The "roll up" rate would allow the same revenue generation from property taxes as the current fiscal year - which means the millage rate would increase.  Keeping the same millage rate, the "roll back" rate, would generate less revenue based on the lower property tax valuation.

We need to ask serious questions about why, with our prime location as a coastal community in the middle of Palm Beach County, we continue to experience the largest declines compared with other Palm Beach County municipalities.

See related Palm Beach Post article:  Appraiser: Lake Worth prop values fall 23 percent; county average down 12 percent - also check out the comments.