How can the market value and tax value be so different?
I put in an offer on a house today and I was wondering about the tax rates. The asking price of the house is $155k and the tax assessed value is $16k. The property last sold 5 years ago for $10k. This is really confusing to me because the house seems like it's in 7/10 condition and the cap rate is great for it. Any ideas? This is in Hamilton County, OH