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Tax Assessed Value vs actual prop value

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Last Modified: 2012-05-10
a house/property may be 100 of thousands of dollors.. but in zillow it says only 20K as Tax Assessed Value. obviously no one is selling that home for $20k... how does that math work out? and what is the significance of the Tax Assessed Value in buying and selling the home.. or is it only for tax purposes?
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