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Is there any correlation between tax assessment and what house is actually worth?

My family member is ready to sell. They purchased in 2018 for $350k. Their realtor said the CMA is $470-515k, but wants to list at $499k. The previous tax assessment from when they bought was $319k but it was just reassessed at the start of the year for $509k. I was always under the impression that tax assessments were on the low side of actual value.

The problem is the house is on some land (1 acre) so comps of the same size are a bit hard to find outside of some smaller new builds selling for $275 a sq ft (no garage) and smaller overall.

RPR had an auto generated value of 519-590 with a 5 star confidence if that means anything.

Just trying to look out for them and make sure they’re listing in the right price range.

submitted by /u/enzog13
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source https://www.reddit.com/r/RealEstate/comments/13pqef1/is_there_any_correlation_between_tax_assessment/
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