city tax assessment vs real market value in indianapolis

[Son D.]

What is the relationship between city tax assessment vs real market value in the Indy?

Where I live the city usually assess a property for tens of thousands less than what the owner can sell it for. How much more depends on the city. I've been looking at the MLS in Indy and have seen homes sold both for less and more than tax assessment. I don't see a predictable pattern. Is there a relationship between the two?