I would contact a local real estate professional to help with this answer and to save time and money.
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Sellers may set the value higher for any number of reasons, credible or not. Regardless of list price, a higher than normal list price should not deter a buyer from looking at or even submitting a FMV offer on a property.
A list price is just an openning offer, northing more nothing less. I would not read too much in to advertised list price. A good buyer's agent will perform a CMA anyway and the agent and buyer will act/negotiate accordingly. Good luck to you!
It's also true that the assessed value may not reflect work that's been done to the home since the last time the town did assessments. I've found in my real estate business, that the assessed value is so far off, so many times, from the true market value, that I almost wish it wasn't on the mls data sheet! It sometimes confuses things. It really does have no bearing on what the home should be listed at to sell.
Hope that helps! If I can be of further assistance, email me at firstname.lastname@example.org, or give me a call anytime at 413-530-8356. Thanks for asking!
Appraisals are based on past sales as Ron says typically with in the last 3 to 6 months, along with 2 current lisiting, but the banks want everything bracketed (beds, baths, lot size, gla etc) so values can vary greatly based on a rising or falling market place.
My feeling on appraisals (I am a certified appraiser as well) is that it should be a two step process and the appraiser should not have the sales price of the home initially, therefore not having a target to shoot for.
The assessed value is primarily used by the town to calculate property taxes.
I hope this helps.
Best of Luck.
The Assessed Value is determined either by the Assessor or by the Last Selling Price of the Property.
The Appraised Value is determined by the last Appraisal, which is valid for 60-90 days and for that specific transaction.
The Market Value is determined whenever the Property is SOLD: An estimate as to the Market Value is derived from a Comparative Market Analysis, (CMA), done by a Real Estate Agent.
It would be interesting in many cases, to plot the three different numbers on a chart and see how they differ.
Conversely, during the housing bust phase, plenty of homes were listing for below assessed value. Again, the market dictated the list price, not the assessor.