The market continues to move much faster than the tax assessors can adjust property values.
I ran some numbers last week based on closed transactions in Plymouth, MN for 2009 and that had made it in to the county records system. There were many more closes that actually occured, but not all had been loaded in to the Hennepin County Tax Record system.
It turns out that on average, properties sold for 87% of the Estimated Market Value (EMV) which is essentially the tax assessed value.  That being the case, I suspect there will be many people contacting the city asking for a reduction in their taxes. This situation is becoming a bigger issue by the day and threatens local governments across the country according to this NY Times story.
So we’re all on the same page, you can look up any property on Hennepin County by typing in the address to this site.   You’ll find the Estimated Market Value about 2/3rds down the page once you’ve plugged in an address.  If I property had an EMV of $350,000 that means on average, it ended up selling around $305,000.
The fact of the matter is the market is moving much, much faster than the tax assessors can keep up with given that they make adjustments once per year. Most people know they are overtaxed. But we are particularly overtaxed when it comes to over inflated property values. Government continues to take a greater share of your income. This is a quiet way that most people don’t even realize is happening.