As TFA states, in NYC the assessed value of a home and the market value of a home are wildly different, with the assessed value being much, much lower.

This is $1mil in assessed value which would translate to roughly $5mil in market value.

In NYC $1mil market value is pretty much the starting price for a 1-bedroom condo in a gentrified area. $5mil market value, on the other hand, is a pretty luxurious place.