Jax Daily

Falling property values create big trouble for state and local budgets

Property values in Florida are 12 percent lower than economists projected for next year, potentially creating a bigger hole in the public schools budget, lawmakers have learned.

Jerry McDaniel, the budget director for Gov. Charlie Crist, told the Senate Ways and Means Committee Thursday that economists have reduced the cumulative taxable value of Florida property by more than $200 billion. That could prevent the type of increase in the education budget that Crist had proposed in his budget, which was built on a rosier projection, McDaniel conceded.

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