house_well-11So my real estate assessment dropped again… I believe we were assessed at $475K a bit ago, but I filed a bunch of paperwork and got them to drop it $10 or $20K. But this thing says our 2007 value was only $406K, which I don’t remember ever being that low. And for 2008? $376K.

That’s quite a drop, and the weird part is how the values flipped:

From 1999-2007, the value of my land only went from $150,000 to $166,000. That’s $2,000 a year. This year? Land is $296,000. WTF?!?! It goes up $2,000/yr for 9 years, then suddenly goes up $130,000/yr in 1 year? So the rate increased by 65X as much?!?!?!?!  [UPDATE: On 3/25, new assessment made value of the land $184,000, so the change is not so drastic.  Only 9X as much of a climb instead of 64X as much.]

The value of the building was $240,780 last year, and now is listed as $80,000. WTF?!? This is the first year that our home addition is legally recognized (I believe), so if anything it should have gone up, not down. [UPDATE: On 3/25, new assessment made value of the building $191,970, so it did go down, but not nearly as drasticly.]

Of course, if these numbers are true, that means our house could completely collapse into nothingness (say, from bad contractors), and the land would be worth $296K. [UPDATE: As of 3/25, this is no longer the case.] Considering we owe about $159K on the mortgage (which was originally $139K) , we’d still end up with $137K profit even if the house collapsed.  [UPDATE: As of 3/25, we would only end up with about a $25K profit, instead of $137K profit, now that the house is worth $191K instead of $80K.]

This just doesn’t really make much sense to me. It’s almost like the county is trying to get back at me for having it lowered last year. Thing is, I WANT the land to be most of the value. Houses degrade; land doesn’t generally (barring a mudslide).