This is a tool for the public to use to justify or check on home values for those who are using it for curiosity's sake. It's fine but it is not viable information to use for market value for selling or buying and this is why:
When I, as a licensed Real Estate Professional, prepare a market analysis, I utilize information on recently sold properties that are similar in size, construction, age and area, starting with the same subdivision...APPLES TO APPLES. I use the MLS information before using the tax records because many times the tax records are not recorded properly and much of the time the square footage is inaccurately listed. MLS listings usually post square footage that was given by a previous appraisal or measured by the agent and is more accurate. Agents and appraisers use price per square foot to come up with market value for a property compared with properties that are most like it in every way. We also search first for homes that have sold within the past few months and, if we cannot find any recent sales, we'll go back six months.
Zillow does not take into consideration the age and construction of the home and it pulls the square footage from the tax records. This is done without human intervention. Nobody is checking to see if these comparable properties are truly comparable to the subject property. Using the square footage from the tax records, it uses all properties close to the size within a radius of the subject property, regardless of age or construction.
You must have accurate information when buying or selling property. This is one of the biggest purchases you'll ever make. This is also just one more reason to use a professional when purchasing a home whether you are the buyer or the seller.
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