Assessments approximate market value for lending and tax obligations; conflicts may trigger reconsideration or brand-new valuations.

https://www.scribd.com/document/978831207/Guide-to-Realty-Closing-Costs-in-New-York-for-Financial-Investment-Properties-188632

Assessments approximate market value for loaning and taxes; disputes may set off reconsideration or new appraisals.