PBC property values drop an average of 11.8 percent; Lake Worth takes 24.9 percent hit

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Nikolits warned that the financial pinch on cities and towns is far from over. He expects the countywide taxable value to continue to fall for the next two years because of a slump in the commercial real estate market.

"Even if residential does iron itself out, we think that commercial is going to continue to drop," Nikolits said.