Property Assessment

[kani-lehua]

okay. let me apologize in advance again! this is in regards to a "trust" property (my aunt's) that was sold in 2001. when it was "assessed" (sorry, don't recall the actual amount), our realtor told us to put it on the market for 5% above the assessed value. we got six offers well above the asking price and "sold" it in one day. my question: is that how the "market value" is computed? and who determines the value, the realtor or the county? i know there was an analysis done regarding similiar houses that had sold in the area and it turned out that the amount we were asking was comparable to those. the "market value" is not shown on the assessment for o'ahu.

malia paha o lohe aku

perhaps they will hear