Balaji, back in the day, this could have been used as an indicator, but in today's market...I don't even give it a second thought. There are some properties that seem to sell close to what this number indicates, but then I have sold some houses where they are even less than the assessed value. It really comes down to like properties that have recently sold in the area. Your buyers agent can do a market analysis to see what is selling so you can make an informed decision when making an offer. The other thing is that if someone who has lived in a property for example, 40 years, this number can be way low and the house may sell for way over the assessed value, multiplied by two.
I hope this information helps! Best Wishes!