Yes, but with limitations. The assessed value estimates market value using a mass-appraisal method (valuing a large number of properties using a large database of sales information) as of a specific date. For example many 2010 assessments have an effective date for valuation of Dec. 31, 2009, or Jan. 1, 2010. In order to value all taxable properties as of the effective date the local assessor would consider 12 to 18 months of sales data for the period before the effective date (say 12 months of sales ending Dec. 31, 2009, for 2010 assessments). An independent appraiser valuing your property probably will use the date of inspection as the effective date and use comparable sales during the last 90 days to esitmate market value. Because the market for real estate changes both the assessed value and market value estimated by the appraiser are good for only the effective date of value.