County Assessor Value vs Fair Market Value

[Devin Drowley]

I'm just getting started out in Chicago and am wondering why there is such a disconnect between the county assessor's value and the market value of properties.

For example, I've looked at several MFHs on the market in the mid $400k (with close comps), but the county assessor value is closer to $200k.  Why would there be such a disconnect? How should someone interpret this information? Does this just mean I should account for a big tax hike if the property gets reassessed, or are the listing prices just too high?

Thanks for any help/guidance!

Devin