-— Assessments do not always equal market value. -—
Usually they’re higher, so the government can collect more property taxes.
Recent assessments versus a lowering market will result in assessments being higher than market value. Since 2008, that has happened in some locations, and tax assessments have been challenged more than ever.
In many place assessments have not been done in years, and the tax rate is based on a much lower-than-market value.