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Though sale prices are included in the assessment equation, assessments tend to fall under fair market value. Keep in mind that assessments are based upon the area’s economy and amenities and how the City’s budget works out so they can continue to support the amenities in the area.
It's hard to judge what percent over the assessed value is the fair market value. It really should be taken neighborhood by neighborhood. Fair market value is the price a buyer is willing to pay for a property, regardless of any CMA or appraisal. Fair market value is based on supply and demand, not just recently comparably sold properties for that neighborhood.
The appraisal value is a certified appraiser's estimate of the worth of a property, and is based on comparable sales, the condition of the property and numerous other factors. A mortgage lender will only lend up to the appraised value of a property in most cases.
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