If that’s the right way to phrase it, here’s my answer:

There isn’t, there’s no apples to apples correlation. Interesting timing, since I talked with someone about this exact same scenario. In my experience, there’s no correlation between market value (what someone’s willing to pay) and assessed value (what a drive-by contractor has said it’s likely worth). As I’m sure you know, when a municipality does a reassessment they hire a contractor group to drive around the neighborhoods and assign a value to each home. Once in a while they’ll get out of the car and actually go up to the house, but the vast majority of the time they stay in the car, rocking to Enya and marking down values. I lived in a townhouse that shot up in value, yet my neighbor – with the exact same floor plan just reversed – saw a moderate increase. The only exterior difference was we put a flower bed in the front, yet we saw a nearly 25% jump in assessed value while my neighbor saw a 10% jump in assessed value, and neither increase brought us close to a similar dollar amount.

I wish it were as easy as saying “if the assessed value is $200000, multiple that by 1.24 and you’ve got the market value”, but unfortunately it’s not that simple. Every apple is different, the best way to determine market value is to have an appraiser do a full-blown appraisal ( ~ $300), or have an agent do an Opinion of Value (not $300).

If that’s the right way to phrase it, here’s my answer:

There isn’t, there’s no apples to apples correlation. Interesting timing, since I talked with someone about this exact same scenario. In my experience, there’s no correlation between market value (what someone’s willing to pay) and assessed value (what a drive-by contractor has said it’s likely worth). As I’m sure you know, when a municipality does a reassessment they hire a contractor group to drive around the neighborhoods and assign a value to each home. Once in a while they’ll get out of the car and actually go up to the house, but the vast majority of the time they stay in the car, rocking to Enya and marking down values. I lived in a townhouse that shot up in value, yet my neighbor – with the exact same floor plan just reversed – saw a moderate increase. The only exterior difference was we put a flower bed in the front, yet we saw a nearly 25% jump in assessed value while my neighbor saw a 10% jump in assessed value, and neither increase brought us close to a similar dollar amount.

I wish it were as easy as saying “if the assessed value is $200000, multiple that by 1.24 and you’ve got the market value”, but unfortunately it’s not that simple. Every apple is different, the best way to determine market value is to have an appraiser do a full-blown appraisal ( ~ $300), or have an agent do an Opinion of Value (not $300).