The Office of Real Property Services has a website with guidance as to how to file an assessment grievance. It's a typically obtuse, wonkish government paper but here is the money shot for many people:
From "SECTION ONE: IS YOUR ASSESSMENT FAIR?"
"...the market value listed on the roll should equal roughly the price for which you could sell your property."
"Market value is generally defined as the price a willing buyer would pay a willing seller for a property in its present condition with neither buyer nor seller under pressure to act (such as career relocation, death of a family member, divorce, etc.)"
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