Is there a correlation between selling prices and assessed values in Rockingham County?

Someone asked me this question via the chat feature on my web site a few days ago....and it's a good question:

What are homes selling at in Rockingham County in comparison to tax assessed value on the property. For example if home is assessed at 200,000, what would the list price be?

It's a bit difficult to answer that question specifically, because I can't easily search for properties that are assessed for (or close to) $200K and then limit it to those that have sold recently.  So let's reverse it.  Below are five homes that have sold in the first 4.5 months of this year between $195K and $200K in Rockingham County.

	189 Loewner Lane, Hinton, VA Sales Price:  $198,588 Assessed Value:  $158,400 Sales Price = 125% of Assessed Value
	3435 Flint Avenue, Harrisonburg, VA Sales Price:  $205,000 Assessed Value:  $224,500 Sales Price = 91% of Assessed Value
	231 Powell Place, McGaheysville, VA Sales Price:  $195,000 Assessed Value:  $219,100 Sales Price = 89% of Assessed Value
	127 S Sandstone Lane, Bridgewater, VA Sales Price:  $205,000 Assessed Value:  $173,700 Sales Price = 118% of Assessed Value
	377 Quail Court, McGaheysville, VA Sales Price:  $204,900 Assessed Value:  $242,600 Sales Price = 84% of Assessed Value

So, we can conclude several (not necessarily helpful) things from this analysis:

• Your assessed value could be anywhere between $158,400 and $242,600 to end up with a $200,000 sales price.
• Your home could sell anywhere between 84% and 125% of its assessed value!