As a Real Property Appraiser for the last 6 years, I have had to deal with this same scenario many times. Be aware that Tax Records differ from county to county. Some counties will give you the Basement area and then they will give you the Gross Living Area AKA Above Grade or Heated Area, but many other counties will not be so friendly. For instance, in certain counties they will often times indicate what the "Building Area" is. Beleive it or not, the "Building Area" usually includes every part of the house such as the basement, garage, porches, decks, breezeways etc; it is essentially a "Sum of its parts". This can make figuring out what the actual Gross Living Area is very difficult. However, if you look closely, use some simple steps, you should be able to figure out what the true Gross Living Area is and what the basement area is. After all, those are the areas that we simply MUST have accurate figures for when we do a CMA, Right? Usually(but not always), when the county indicates the "Building Area", there will be a break down of the size of each area at the very bottom below sale and mortgage history. (I am using Realist.com for this example)
When you see "1.0s" this is the main level without the garage; use this same figure for the basement if there is one. If the house is a Ranch or one story home without any Bonus area or upper level, you should have the number you need.
Then you should see "1.5s", "2.0s"and sometimes even "3.0s" which are the upper levels; these areas will often times be larger than the lower or main level, if they extend over the garage or have any type of "Pop-Out" or "Overhang". Add the 1.0s to the 1.5s to get your Gross Living Area.
Many counties here in Georgia have their own website with tax/property records available. When it is possible, try to look at the actual Sketch of the house. If it is available, look at it and double check the calculations.
As with any practice, USE COMMON SENSE! Dont be afraid to call the Realtors who sold the comps you need! Find out how much of the basement was finished(25%? 100%?) and wether the ceiling is Drywall or Drop Tiles(Big Difference)! While MLS is great, it may not answer your question, but the Realtor surely can. If you found a comp through tax records only and have concluded it sold as a FSBO, dont be afraid to knock on the door and ask questions to the new owner.
Of course if you have any questions, please fell free to send me an e-mail and I will be glad to help in anyway I can. b.friendly@comcast.net or feel free to visit one of my websites at www.friendlyGArealtor.com or www.friendlyappraisals.com
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