Assessed values really never affected pricing on the Cape until this past year. Now most homes, depending on location, are selling at or below the Town's assessed values. This isn't to say that you shouldn't pay more for a property than the assessed value, as it is now a factor, but this does depend on the upgrades, location & overall condition of the property. Ask your local REALTOR to help you determining the homes value by preparing a market conditions report for you.
I do have a client who purchased a property in Barnstable Village in 2007 for $365,000. The assessed value on the property for 2008 was $394,000. The new 2009 assessed value is $352,000 & the appraisal they just received from the Bank on a re-finance was over $400,000! Marie Souza, Owner Broker, Cape Cod Real Estate Services - Wed Feb 4 2009, 08:22