It is confusing! The assessed value is what the county uses to calculate how much a homeowner owes in property taxes.
Darlene Vause, ABR, Realtor
ERA Wilder Realty
Contact me, I would love to assist!
Roslyn Ferrell, MHA
Coldwell Banker United, Realtors
For example, a house sold new in 2002 for $120,000. It sold again in 2006 for $141,500. The tax record today shows the assessed value at $121,000.
The "assessed value" is the figure used to calculate the property tax, and is not an actually statement of market value.
To find out if a home is priced right, consult a Realtor. As your buyer agent, your Realtor can calculate what the fair market value is by pulling data on recent comparable sales and also by looking through the property to check on it's condition.
Hope that helps!