Hillsborough County's tax base shrunk for the third consecutive year, according to the property appraiser.

Taxable property values dropped from $73.1 billion to $65 billion, an 11 percent decrease. It's the second straight year of double-digit declines.

The drop comes on the heels of a 12.5 percent decrease the previous year.

The shrinking tax base will increase pressure on local governments to cut spending or raise taxes.

Officials hope this marks the end of double-digit dramatic declines.

"If I had to guess, we will be flat next year - maybe see a slight increase," said Tim Wilmath, the director of valuation for Hillsborough County Property Appraiser Rob Turner.

Pinellas County saw a similar drop in taxable property value this year.