Hi Kevin,

Tough question to 100% pinpoint, It really varies town by town. Would depend on how often they are reassesing the values, what kind of valuation process they actually have. The tough part is that very rarely do cities actually do a physical inspection of the interior condition of a property(not is it even feasible). I mean you can look at a house that has 5 bedrooms, 3 bathrooms, on 3 acres of land that sells for 40% of its assessed value because the interior is a pit. Or a well kept little 1000 Sq. Foot ranch that sells for 110% of assessed value.

I hope that helps at least a little. Your best best is to look at what comparable properties have sold for in the last 6 months to come up with the "market" value of a home.

Happy Hunting,
Chris

Hello Kevin,

It depends on factors such as if it is a Market Value sale, Short Sale or a Bank Owned Property as well as other market conditions. But recent sales show that your looking at the following numbers:
Market Value- 90-95% af Assessed
Short Sale- 75% of Assessed
Bank owned- 60% of assessed
These numbers are based on what is listed in the MLS as sold in the last 60 days.
The best way to know the value of your home, or a home you are looking to purchase is to speak with a Realtor. Going by assesment alone is not in your best interest.