After receiving the property tax card with the assessed value for our house, I tried to reach out to our township tax assessor Beverly Johns, by email. Didn't think I would get response given the township office track record, but she did email back today, as her office hours are Wednesdays 4pm-6pm. And she was very helpful in answering my quick questions, in order to learn about all this as a beginner. It's interesting how she said if I file a tax appeal (appealing the assessed value - such as finding another house that's less value than mine) she's going to win more likely. Interesting because of course she's going to win since she's the one I'm learning all these from LOL.
Anyway, she's going to scan a copy of this to me but here's the summary:
House bought at $335k. Assessed value is 263,400, and the ratio is 64.05 (per last revaluation which was in 2004-2005). She said that though the calculation for the market value of the house is 263,400 divided by ratio 64.05 = 4,112 => $4112k, the real price could actually be higher around $600k.