Any property manager worth their salt in this town is hiring a tax certiorari to challenge assessed value on behalf of all owners in a condo or co-op annually. 

Steven Hoeke  I do look at the assessed value, but the comps are more accurate for listings.

I never did when active but did have an attorney I would refer clients. He had a command of the areas where it was advisable and where it was not. 

Honestly depends on your market. I have contested in the past but we are on hot coals right now and the prices are rocketing to the upside. That would be dangerous if they use appraisals of comp sales to go by, could see an increase. In years past you might get a reduction but the village simply increases the rate to balance their budget.

Back in the short sale era, I helped many people get their assessed value reduced.  

My county recently imposed a $290.00 non-refundable fee for a review. That is a slippery slope - seems rigged to me! 

No. People I know that tried to get their assessments changed found out it was a waste of time. Market values change much faster then assessed values.

   As we may have discussed in a previous question on this Q&A Board, the Tax Assessed Value in Florida may appear artificially low to a potential Buyer, because of the Save our Homes Amendment

     "The Florida Constitution sets a three percent maximum limit on annual valuation increases of homestead property for ad valorem tax purposes."

        That three percent per year cap can keep an assessment very, very low, especially for someone who has held that property as a principal residence for 20 years or more.    

         As for advising someone to protest the value?  If a Client asked me about challenging their assessment, I would refer them to the Property Appraiser's office and to an Attorney.

Well, if you truly me the county assessor, then yes. I did it back in 2008 and for 5 years I got a reduced tax bill during the crash, then in 2013 they reassessed it and brough my value back up as the market had recovered.

If you mean an appraised value while in escrow - that all depends.

     Just tell the seller that an appraisal for current market value is only good for 6 to 12 months shelf life. Assessments are a down and dirty way to hit the community with numbers. Some too high and you hear from most property owners and it is public information what everyone pays for taxes.

     And you share no one sits up straight from a dead sleep, wakes up in the middle of the night and says "Whoa, my property assessment is way way too low and I am not paying my fair share of real estate taxes". No one makes a mental note to call the assessor first thing in the morning to say jack it up.

     Use what you have and build a case either way but explain there is a process if you feel you are not being treated fairly and ask for a hearing. The assessor puts on the property card, hearing such and such a date, adjusted or no change. But for the next assessment it says this property owner is watching.. It helps Steven Hoeke.

Assessed value which is backed by comps from sales or non-comps given a establish & agreed to value stand by their nature of being & existing. It's like case law in the legal world where this is a precedence for them to site. Market value is what we argue for & it is well to appreciate that a prime location is worth what people are willing to pay, an actual result that turns to fact Steven Hoeke ...eventually. When challenging the tax assessor, it's all numbers not opinions. With sellers, it is the other way around via emotions

In California, in most cases, the tax basis is set at the sale price when a house changes hands. Then, Proposition 13 mandates that the tax basix cannot increase more than 2% per year or the cost of inflation, whichever is lower. 

During the short sale era, 2008-2012, when home values dropped markedly, the assessed value could be appealed and reduced. Then, as the economy changed and values rebounded, those reductions were wiped out.

Now, it would not make sense to contest the assessed value unless there were special circumstances.

I had a listing assessed at $750,000 and in escrow at $950,000.  The value was, in reality, $950,000.  There just were no comps in the area or close to the home.  It was an exceptional pocket of homes.  No reassessment would bring the value up to where it was needed.  To prove the value the buyer paid full price and brought in the needed cash to close the deal.

Which assessed value Steven Hoeke ? The Buyers banks, the City, or did they hire one of their own prior to listing? I often suggested they hire one of their own so they get a realistic view of what's going to be coming down the pike.

I sit on the Appraisal Review Board in Texas. I worked as a TX Real Estate Agent for nearly 22 years and learned agents should stay in their own lane. 

I have protested them myself, a totally useless exercise that fell on deaf ears.

Depends on the assessment. Typically, I hear from them, telling me they need some help with their dispute. I do not encourage them to raise the assessment before selling. The market will tell them what things should be, and buyers using the assessment against the seller does not see real logical.