The appraised value more closely resembles its current market value at the date the appraisal was made.

The assessed value is the value which municipalities and other taxing authorities base their taxes on. It is periodically updated by the municipality depending on state or local law.

A wide gap like you have indicates that your county has not reassessed recently or the market conditions have raised the values quickly or a combo of both.

Sooner or later, your County or municipality will be ordered to conduct a reassessment of the all the properties in its borders.

Here in NJ, a municipality is ordered to conduct a revauation (reassessment) when the average assessment falls below 80% (I think) of fair market value (appraised value).

Miami, like many areas, has seen a great spike in values over the last few years and, I assume, the market also cooled off there in 2006.

My town just finished conducting a reval. Now, things have definitely cooled off here and some in the mail tax assessments will no doubt exceed the market value in the short term. Not as desirable happening!