I'm asked quite frequently about the relationship between home values and tax assessments.  After a lengthy analysis of the 528 home sales in Rockingham County during 2011, as recorded in the HRAR MLS, here is what I'm finding....

(click here for the same information for the City of Harrisonburg)
  

click the infographic above for a printable PDF version.

The bottom line here is that County properties seem to be under-assessed by an average of 10%.  Most buyers pay more than assessed value for the properties they purchase.