Tax assesment and actual house value.

[Eric Lefebvre]

I dont quite understand tax assesment and value of homes. City does the tax assesment but what people see and are getting for homes are much much higher. I thought tax assesment was the value of the home. I know comps are what get compared for pricing but is the city slow to get the correct home value? Like it hasnt been even close for 5 to 8 years. I see in some places in the US that have 25k tax assesment value on the house but it lists and sells for 90k? And that's everywhere in the city so it's not a typo. I'm just baffled on how this works. Does anyone have a logical answer becuase I feel like I'm getting either a deal cause taxes are low or in getting screwed cause market shot up and is way out of range.