By Jennifer Sorentrue

Palm Beach Post Staff Writer

Updated: 10:41 p.m. Saturday, Aug. 21, 2010

Posted: 10:36 p.m. Saturday, Aug. 21, 2010

Palm Beach County property owners will get their first glimpse at how much they can expect to pay in property taxes when tax notices arrive in mailboxes this week.

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7/10/10

As the city struggles for money following two years of sharply dropping property values, its tax base is further eroded by a 2008 voter-approved constitutional amendment that doubled the homestead exemption on many properties.

What might have made sense when home values were high at the tail end of the housing boom is adding to the city's pain this year as city officials work to cut $4.7 million from the budget for the year that begins October 1st.

Commissioners are considering four-day workweeks, pension cuts, a reduction in Palm Beach County Sheriff's Office staffing and new sources of revenue, such as charging for downtown parking and red light cameras.

During the past three years, the city's tax base has dropped a whopping 46 percent, from a building-boom peak of $2.09 billion in 2007 to $1.13 billion this year.