Okay, I'll try and keep this short.
The local assessed value for a property should NOT be the market value specifically on residential real estate.
Local governments first decide what the monetary needs are for the year and will assess properties to meet their goals. It's very backwards and incorporates millage rates to tweak the taxes to get what the government needs.
In my area, assessed values are not far off actual market value as they only adjust once a year versus actual markets which can change month over month.
As far as appraised value on residential, appraisers have three ways to assign value: market value, replacement value and income.
Commercial real estate is completely another animal as more factors have to come into play like the physical value of the assets, depreciation, obsolescence as well as the income the property takes in.
Okay thanks