It’s amazing how times have changed. Before the market shift, properties in Charlottesville and Albemarle and surrounding areas would sell for prices wildly over their assessed values. Now properties are being marketed (with and without Realtors) as being priced “well below the assessed value!”
With regard to fair market value – Assessed values are as irrelevant today as they were before the shift.
Update 5/23/2007: I was just interviewed by The HooK, so watch for a follow-up post to clarify things, should it be necessary. I am always wary when I am interviewed, as I don’t have total control over the quotes or the context. Luckily, the HooK has always done a good job, so I don’t have the same level of trepidation.