Tax Assessed Value

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Hi Guys,

I know people dont really pay attention to tax assessed value, it is the comps of the area that is important. But since the market is soft now - you can't really depend on the comps from 6 months ago. People are now taking notice that if the property is selling below tax assessed value, that is considered a good buy or at least they think so. I very rarely see properties selling below tax assessed value. In Las Vegas, homes are around $350K and the tax assessed value is around $150K, if they are selling below $150K, wouldnt you take notice of the tax assessed value?

I found something interesting, I saw that someone brought the house for $195K in 2004 and their tax assessed value is now $134K in 2007. Whereas I see $350K- tax assessed value is only $150K. I dont know if this is true, but I read somewhere that the poor condition house get higher tax assessed rate more than the luxury house. Does anyone know about this or if it is true?

Thanks, Sandy