Property appraisals drop for many local residents

Many Houston residents could see their property tax bills drop this year, as nearly 20 percent of local homeowners saw their properties appraise for less than last year.

Local officials say 73 percent of homes appraised for the same as last year and 8 percent appraised for more, meaning 19 percent of Houston homes lost value. Officials pointed the finger at foreclosures.

"They purchased properties that they couldn't afford. They've lost their job or their spouses lost their job. People lose their houses according to what happened in their personal situations," Roland Altinger of the Harris County Appraisal District, told KHOU.

While lower taxes are a positive, experts say that lower property values could cause issues for those looking to sell.

Foreclosures can have a measurable effect on the value of nearby homes. A report last year by researchers at the Massachusetts Institute of Technology and Harvard University found that homes within 250 feet of a foreclosure lost 1 percent of their value. Neighborhoods with multiple foreclosures saw even greater value drops.

Courtesy of 2M Realty News