Although I am not an agent in the NJ area, I can answer this question in general. There are many factors that determine the price of a home. Why is it listed for $100,000 below the assessed value? Also, there is a difference between a home's appraised value and the assessed value. Have there been previous inspections done that may shed some light on the current pricing of the home? Generally speaking, if you find a home that does not need a complete renovation and it's listed $100,000 below assessed value-then you have possibly stumbled across a great deal. However, if you have to put $100,000 worth of work into it, of course you may want to reconsider. The best advice I can give you is to find an experienced buyer's agent in your area to guide you through this dilema.
Hope this helps-Sean Hyland, Real Estate Agent in Virginia