One of the first things to differentiate is assessed for what purpose? Assessing for taxes can use a slightly different set of rules than assessing for sale. Since assessing for taxes is commonly updated regularly and is public info, people often look at these numbers as the home's resale value. It is true that it should be in the ballpark of the sale value but an assessment for sale will give a better idea of the sale value. That information may or may not be available. If you are getting a mortgage, the bank will want an assessment. Unfortunately that doesn't help with the search process.
In assessing, many judgements as to current condition or age can be factored in. For example, a roof that is reaching the end of life for the type of roof can decrease value. If siding needs painting, its condition may be downgraded to fair. Does an assessment take into account every possible aspect of wear and tear? No. Also, it may not downgrade things that might not be up to standards but were acceptable when the house was built. I sold a house that did not have Ground Fault breakers in the kitchen or bath. New houses must have them but it was legal when the house was built. The house value was not downgraded because of the lack of GF. The buyer was concerned about their absence but I looked at it that they could upgrade the electrical if they wanted but I was not going to pay for it. The septic was legal but a bit undersized. They paid to upgrade it after the sale. There were a few other things that fell into that category. Most of them were mentioned in the house inspection but not the assessment.
Finally, an assessment is just a guideline. What a house is worth is a negotiation between buyer and seller within current market conditions. Tight markets with low inventory push prices up beyond assessments. A buyer that finds what they consider the "perfect" house might pay more than assessed value. A seller may be under pressure to sell and take less than assessed value. Each sales situation is unique.
Hope this help a bit.
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