I've been wondering if there is a general formula or rule one can use to determine the market value via the assessed value. I haven't found one yet...
http://www.mkemortgage.net/content/assessed_value_vs_market_value.htm
From a 2006 Boston Globe article...
"In a stable market, a property's assessed value can provide a useful estimate of the home's market value to buyers and sellers. But for the past five years, most homes sold well above their assessed values because prices were rising faster than assessments, which typically are at least a year old. In today's declining market, some homes are now selling for less than the assessed value in stable communities like Newton..."
Priced Below Assessment
by Kimberly Blanton
http://www.boston.com/business/articles/2006/09/07/priced_below_assessment/
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