Falling property values and a rising foreclosure rate may contribute to a growing gap in next year's state budget, the Florida Legislature's top economist said Monday.State economists recently cut their forecast for 2009 property taxes -- based on the taxable value of properties for school purposes -- by about 5 percent since their last estimate in August.
The Legislature requires school districts to levy a minimum property tax rate -- this year about $5 per $1,000 of taxable value -- to qualify for state funding.
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