How Much Is That House Worth?

Macon-Bibb County has been trying to do a property re-evaluation since 2001 and hasn't succeeded yet. Economist Scott Beaulier writes that they still may not have it right:

We moved into our house one year ago. At that time, we received one reliable estimate of "fair market" value: the appraised price of our home. We received a second estimate of "fair market" value when we agreed to a price with the seller. A few months ago, we received a third estimate when another appraisal was ordered to finish our mortgage refinance.

All three of these values were nearly 10 percent lower than the value Bibb County assessors reached when assessing our home's value. Given that housing values have actually fallen in the area since the three valuations mentioned above took place, the official estimate that I received in the mail is absurd and won't be accepted by yours truly without a fight.