Pinellas Property Values Plummet CLEARWATER (WUSF) - On average, taxable values over the past year dropped by more than 11 percent countywide. Wealthy coastal cities such as Belleair Beach, Madiera Beach and Indian Shores showed the largest decreases.

Assistant Pinellas County Administrator Mark Woodard said this was expected - budget planners had expected an average decrease countywide of 13 percent. He says the county will likely trim 250 positions when the current fiscal year ends in September.

"We're looking at about an $85 million decrease relative to the current year," Woodard says. "It's approximately a 20 percent reduction. Our strategy for the upcoming year is to actually cut a little bit more than what we anticipate needing to cut for the upcoming fiscal year.

Woodard says most economic forecasters predict property values will continue to decline statewide next year, as well. So the cutbacks are being planned to be made over the course of the next two years. © Copyright 2009, WUSF