First Assessed value is the value the town puts on your property for tax purposes. It does not mean it is less than the market value...
Your assessed value is supposed to equal the market value. However this is not the case in a good years or bad years.
A town will apply a multiplier to the orig value and this is how they compensate or adjust from year to year for fluctuations. It is also a smoke and mirror tactic (which will never be admitted) to adjust the tax rate lower to make things look better on paper.
The answer to your question is "NO" it will not equal the market value of the home.. It is supposed to but should not have any bearing on the sale of your home. However a buyer may look at that value if it is showing particularly higher because the taxes will be higher.
The multiplier adjusts the towns market value determination down, usually. So if your assessment is 245000 that is adjusted by a multiplier .48 then that number is 52% off the value of which the town says it is. The tax base is calculated using the 245000 But the real assessed value is 510,417.00 x.48 =245,000.
Call Tax Assessor - Michael Jones Phone Number: 609-884-9545
The only way you should be setting your asking price is by the market value. There is no compensating for this. It is done by the similar solds taking into account for location( because you are in Cape May, lots closer to water are worth more) Also taking into consideration of actives. Adjustments can be made higher or lower for condition. But more inventory can also be an important factor when figuring your market value of your home. this could determine the time on market. so this must be figured into your sales price also. How long do you really want to wait to sell the home. Of course everyone thinks theri home is worth more or they think they will ask higher price an wait for an offer. But the reality is , if not priced right your home will sit longer than others. unless you have something significantly, considerably unique. It is difficult to say how long any home will sit before it is sold, But given the number of inventory on the market active and their "asking" prices and the sold's prices in last 3 months 6 months to 1 year . Look for "market absorption" not just a CMA or comparative market analysis. This will most definitely give a better picture of value.
If I can help any further I work in the cape may county area. I will say this your time to sell is now not later. People tend to buy in the next 3-4 months at the shore areas.