Often a home’s values are lower than the sales price since many concession are made.

Before putting it on the market, they may install new carpets, new windows dressings,
ceramic tile, new kitchen appliances, redo the kitchen, new ceiling fans, repaint the
interior or replace window air conditioner units.

If the home still doesn’t sell they may paint the exterior, do extensive landscaping,
walkway changes or change entrance features etc.

If after six months on the market, a potential buyer may like some of the home but
did not add on features and ask for a price concession. Sellers may have to make
numerous financial concessions, not reflected in the sales price to unload their
properties. This is a  buyers market,

If you sold you a house for $550,000 but gave you $50,000 in concessions, then that
house's real value is $500,000. But, since only the sold price is recorded you can’t
tell the Department of Revenue that home values is lower than the sales price when
you use a comparable in your property tax appeal or appraisal  unless you prove it
with a study.

The housing glut, increases in property taxes and skyrocketing homeowners' insurance
rates are reflected in the real estate market. Price concessions are hard to prove
and a study to prove a lower sold value for the comparable homes due to price
concessions is debateable.

Often a home’s actual value is lower than the sales price since many price concession
are made. If you are using a comparable sales to determine market value, that figure
may in reality be much lower than the actual recorded price indicated.