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The county, its cities and fire districts will have to raise tax rates or cut millions from next year’s budgets after another drop in property values.
New assessments from the county’s property appraiser released Tuesday show the taxable value of county property dropping to $54.9 billion in 2009 — down 15 percent from the year before and almost 40 percent from four years ago during the height of real estate market. The numbers will be used to calculate local governments’ 2010-11 budgets.