The Florida press reacts to the new tax appraisals. "Property values in Palm Beach County have registered another record year, soaring by 21 percent over the 2005 tax roll, to $158 billion. Property Appraiser Gary Nikolits cautioned Thursday that the just-released tax roll estimate reflects last year's property sales and appraisals. He said recent trends portend the close of an era of record-breaking real estate appreciation."

"'It's the end of the rainbow,' Nikolits said, citing rising interest rates and foreclosures."

"Palm Beach County Administrator Bob Weisman attributes the increase to three factors: new and expensive construction, a large number of used homes sold last year, and commercial property not protected by the Save Our Homes cap."

"Nikolits' prediction of a drop-off came in stark contrast to his exuberance last year at this time. 'It's just been gangbusters all over the county,' he said then. This time, he said: 'We're seeing evidence of a noticeable slowdown,' although not of the bursting-bubble scenario. The slowdown is caused by rising mortgage rates and by overbuilding in some condo markets, he said."

"Real estate investors may find good deals toward the end of 2006 as slow-selling condos are offered at price reductions, he said. That will draw buyers away from single-family houses, weakening house price appreciation, he said."

"Nikolits said the greatest effect probably would be seen by condominium buyers, sellers and owners. 'The condo market last year went nuts,' he said. 'Unfortunately, condos have been overbuilt. There are too many units out there with too many investor owners.'"

"Nikolits said rising interest rates would be particularly hard on speculators and others who bought property with no down payment or adjustable-rate mortgages."

"Despite Hurricane Wilma and a year-end cool-down in the real estate market, Broward County's tax roll grew faster than ever last year and now totals more than $157 billion. 'Taxes are where government can really affect the cost of homeownership,' Fort Lauderdale Mayor Jim Naugle said. 'The mortgage gets paid off some day, but taxes are forever.'"

"The taxable value of Martin County's real estate increased by almost 16 percent, according to a preliminary estimate released by Property Appraiser Laurel Kelly. But Kelly and other county officials warned that a recent slowdown in home sales is a sign that the once hot real estate market is cooling."

"The commissioners also said they want to limit spending hikes, although county administrators estimated they would have an additional $16 million to spend if they maintain the current property tax rate. 'We don't need to spend all that,' said Commission Chairwoman Susan Valliere. 'I'm convinced that this is going to level off..so we need to be very frugal with our budget. The bubble will burst, I'm sure, sooner or later.'"

"More than 1,100 acres off State Road 50 in east Orange County will be put up for auction next month by a Utah investor described by the auctioneer as 'a motivated owner.'"

"The ranch's auction has been widely advertised, though the response so far 'has been a little surprising,' said William Bone, president of the National Auction Group. 'I expected more, considering there can't be many close-in, large parcels available in the Orlando area.' 'He's a motivated investor and ready to sell,' according to Bone. Bone's company is handling several other sales on his behalf."