Property Tax Assessment – Accurate?

Hi,

We are trying to assess the value of a brownstone we are looking at, to see if the price is reasonable. I went on Property Shark and saw the value that it was assessed at for 06/07 and o7/08, and the two figures are MUCH lower (by $500k) less than the price the place is listed.

I seriously doubt it is priced $500k more than its worth but I just wanted to double check. Is it reasonable to assume these tax assessments are often inacurrate and understating the value of the property?

Or are they usually quite accurate?

Thank you very much.

By guest | 10/04/2007 10:21 PM