Exactly as Marney and John have indicated. Most appeal reviews will be worth your time and effort, but go prepared. For what it's worth, you may wish to have another appraisal completed. I'm surprise the appraisal at time of purchase was so high (assuming your home wasn't the only foreclosure in the neighborhood). Most recent "for sale" and "sold" comps. will be the key...especially if you can show percentage of sold price to list price. If your assessed value is "true market value" and "true market value" is what a willing and able buyer is willing to pay in the given market, you'll need to design your petition to show that value and purchase were based on surrounding "like" properties. Otherwise, the review board will simply say you got a great deal.Also, try to pull all the assessed values on the neighboring property and compare apples to apples. The more charts, documents (HUD-1, appraisal(s), neighboring assessment, etc.), broker price opinions that you present will be critical. Overwhelm them with information.As John said, smile!Good luck to you!