Are market value and assessed values ever the same?

Market value and assessed values can, in certain instances, be the same due to specific conditions in the valuation process. Market value represents the price that a property would sell for in a competitive and open market, reflecting buyer and seller expectations. Assessed value, on the other hand, is determined by a local government for property tax purposes and is often a percentage of the market value.

In situations where the assessment utilizes the full market value or when assessments are updated regularly to reflect the current market accurately, the market and assessed values may align. This often occurs in well-maintained jurisdictions with frequent reassessments closely matching current market conditions. Therefore, under these scenarios, one can see that the two values can coincide, making the statement true in specific contexts.