Is this normal? (sales, price, property tax, value)

[jaynarie]

I do have a realtor, but I feel like I have hit my dumb question quota for the week, LOL.

Is it normal to have a 35K difference between the asking price and the tax value? A house I like is priced at 122K and the tax value is 85K.
Is this common or are they priced too highly? In case it matters, this is in the Charlotte, NC area.

[Silverfall]

It is totally normal, in my area in Oregon, to have a large differential. We have Measure 5 out here which capped how fast property taxes could go up. So what this meant is that the "county assessed value" was often significantly less than reality. I just saw my first one the other day where the county assessed price and sales price were close.

You may have a law similar to our Measure 5.

[2bindenver]

Assessed value is for tax puposes. Fair Market Value is what a willing buyer pays a willing seller. Totally market driven.

[middle-aged mom]

It depends on when properties were last assessed, how they were assessed and the formula used to compute the assessed value.

Variances between the two values are very common.

[Annemieke Roell]

There is a difference between the method of determining assessed value and market value. Totally normal.