Tax assessments are about 86% of market valus. There was an article in last weeks paper that stated Cape May was to hold off on the scheduled reval of properties because the tax assesed value was close to market value. They were predicting the market to remain steady through the spring and real estate values to remain about the same.
As always, the market definition is whatever a Buyer is willing to pay. There are always people out there that cannot live with out that perfect home, so are willing to pay what the Seller is asking. - Wed Feb 6 2008, 09:51