For property tax purposes, yes. But for local sales tax purposes they use the price paid.
I've heard that "some people" will put a $500 price on the title or BOS so as to pay less sales tax.
I, for one, would never dream of doing such a thing, since I am an honest citizen and righteously pay my taxes with a smile.
But I've heard others do it and I've heard it works.
Allegedly.
Not that I would know....