MIAMI -- Property appraiser's offices in Miami-Dade and Broward counties reported a substantial decline in the taxable value of properties on Wednesday.

Figures released by Miami-Dade show that between 2008 and 2009, the taxable value of existing properties dropped 13 percent. When adjusted for new construction, that represents a decline of nearly $32 billion in taxable value.

Broward saw its tax base drop by more than 10 percent during the same period. That represents a decline of just over $19 billion.

County and City governments now face the tough task of either raising taxes on already strapped residents or reducing spending.

Once the local rates have been set, the county appraiser's office will send out proposed property tax notices on Aug. 24.