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The values of homes, businesses and other properties across Florida declined $153 billion during the last year, and the murky economic picture isn't expected to improve until sometime in 2009, state officials said.Total property values dropped an unprecedented 6 percent, double the figure economists had projected last year. The decline would have been worse if not for $55.6 billion spent on new construction.Next year, state property values are expected to drop another 4.92 percent. However, economists expect the situation to slowly improve after the slump. New construction that helps offset some of last year's decline is projected to decrease by almost 35 percent, or about $36.4 billion, for the 2009 tax rolls.
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source: www.sun-sentinal .com
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