Jaymac, good afternoon. In today's market, with prices that have been in decline for some time, it's not unusual for assessed values to be behind the market. Assessed values won't change until your town reassesses the entire town, or you file for an abatement proving to the town that the property is no longer worth what they have it assessed for. Keep in mind that if the entire town was reassessed with values accurately reflecting today's resale values, the tax rate would increase,, and your tax bill would remain about the same. You only save money if your property is re assessed at a lower rate with the rest of the town remaining the same.

Thu May 8 2008, 10:20

Assesed value is for property tax purpose, and it has nothing to do with listing price.

Thu May 8 2008, 08:37

The assessments were likely based on the sales prices from the last 4 years but the actual properties in todays market have significantly dropped in value.

Thu May 8 2008, 07:15

Assessments are traditionally behind true market value. There is no way for an assessor's office to update the valuation of all the properties in the town to keep pace with the current market, which changes frequently and often dramatically. Rockland's assessments may be based on values from 2-3 years ago. The most current indicator of current value is recently closed sales of similar condos in Rockland. Eventually the Rockland assessor will "catch up " with the market and adjust their assessments. Of course by that time the market will have most likely changed again. Look to recent sales of similar properties, analyze whether they were true market sales, or short sales or foreclosure sales and then you can best determine what the current market value most likely is. Assessments do not equal current market value.

Thu May 8 2008, 07:08