Has anyone seen this.

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I am relatively new to REI but I have been watching some properties that are REO closely for the past few months thinking I might like to jump in the game on some duplexes.

I know that the tax appraisals rarely matches the actual value of a property however the properties I'm looking at are tax appraised between 35k to 40k. I talked to the bank today and decided to search the local MLS and they are asking between 108k to 110k for these properties. Like I said I know that the property value and the tax appraisal are not usually the same but I've never seen such a large gap in price when it comes to these two numbers. Any ideas?