JACKSONVILLE, Fla. -- In the new economy, home values are plummeting and many homeowners feel the property appraiser can't keep up with the rapid decline. The appraiser's office has been dealing with an influx of people challenging how much they're paying in property taxes.

Jacksonville resident Lou Lamb told Channel 4 that homes in his neighborhood are selling for much less than they did two years ago.

"Our market value has depreciated and homes around us -- a lot of people are losing them," Lamb said.

However, while the value of his home has dropped, Lamb said his property assessment used to calculate his taxes has remained steady.

"I think the city is wrong. I think if the property is not worth what it is in the beginning, why are they charging me the same thing right now that they're charging me? I think they should go down," Lamb said.

Duval County Property Appraiser Jim Overton said many people seem to agree. He said 50 percent more property owners came in to his office to challenge their assessment in 2008 than they did the year before.

"What's happening in Florida right now is that the volatility of the real estate market is making everybody want to argue about or want to discuss the value of their real estate because it's very unknown what the value of real estate is. There's a lot of foreclosures in the market. There's a lot of short sales in the market. There's a lot of stress in the market and that makes prices move around a lot," Overton said.

He said he expects even more people to challenge this year's assessments, which will be received in August.

Overton said one reason for the difference in the market value and assessments is because the assessment is based on about eight-month-old values.

"It's going to be what happened prior to Jan. 1. So, we're looking at 2008 sales to determine the 2009 property values market," Overton said.

"They're going by past tense and they should be going by they way it is right now," Lamb said.

Lamb said he hopes to see a drop in his assessed value come August, but either way he said he won't be among the many challenging the city.

"When you get older, you get laid back and you're not a fighter like you used to be. Young people should challenge it," Lamb said.

The property appraiser said in about half of the challenges they do make some sort of change. He also said homeowners who purchased their home within the last few years should expect to see the assessment go down.