It's interesting... If you're buying a home below assessed value, that's great! On the same token, if you're buying a home above assessed value, that's also fine. Bottom line, the assessment is not a true indicator of market value. It's typically slow to reflect actual market conditions, and often doesn't even include totally accurate property information... and anyway, it's for tax purposes! What that means is that you can pretty much throw that number out the window when it comes to financing your home. What matters is what the lender is willing to lend- and for that, the bank sends an appraiser. The assessed value shouldn't affect your ability to obtain a home improvement loan aka renovation loan.
If you're looking for a mortgage pro who will get you great rates on a renovation loan- visit my website and click finances. Feel free to contact me if you need anything else!
I hope that helps!!