PBC home values fall 5 percent

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. [Palm Beach Post]