When a house is sold, is the assessed value of that house about the same as the sale price?

I understand property taxes are based on value assessments. Aren't those assessments largely similar to sale prices? I know there can be unique circumstances making this untrue (e.g., a highly inflated housing market boom), but the majority of the time aren't they close to being the same?

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Answer by Bill57 (10)

There is noconnectio n between assessment and sales prices. Assessments are strictly for tax purposes, and sales price reflects what buyers are willing to pay for your house.

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Answer by tamarawilhite (17883)

When a home is sold, the assessed value is set at the sale price. That is the actual market value of the house.

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