Home values now below assessed values?

Obviously, you’ve heard of the real estate mess our country has/is facing? As a mortgage lender , I see it everyday. Obviously I have seen how lenders offering 100% financing with sometimes less than perfect credit probably wasn’t the most prudent thing in the world to do in years past.

While I try to stay positive and tell people “real estate is like politics; it’s all local”, there have been some serious impacts in certain price ranges in the past several months – right here in our community. More so in some price ranges than others.

Just tonight I had two appraisals in the same neighborhood come back WELL below the homeowner’s expected value. Yes, I know, everyone always thinks THEIR house is worth more than it probably is; however, these values are WELL BELOW the Richland County tax assessed value on record.

My question is…will the county start facing falling property taxes based on the possibility that these homes are no longer worth what the county assessed them to be ?

Tax assessed value: $549,900 Appraisal tonight: $475,000
Tax assessed value: $489,900 Appraisal tonight: $355,000