We received a letter from Cobb County yesterday telling us that our assessed home value was dropping by 26%. I dug out my files and did the math and if that assessed value stands, we’re officially underwater on our mortgage.
This is my happy face.
I’ve been thinking about this and I’m at a bit of a loss as to what to do. There is an appeals process if I want to challenge the valuation but I have no idea if I want to do so. I mean, a lesser valuation means less taxes. Twenty-six percent less, to be precise. That’s not something to sneeze at.
Also, I have no idea how the official county valuation effects the potential home sale value. I mean, the reason for our reduced value is because of the short sales and distressed homes that have been sold around us in the last few years. It’s not like our house magically coughed up 26% of it’s structural value. So, no matter what the valuation is, really it depends on what we could sell it for.
I confess little knowledge in this area. We have some Realtor friends whom we’ll query. My gut says we don’t want the house to be valued as low as they told us, but I don’t know if my gut is right. We’ll see.