The BORROWER DOES NOT SET THE VALUE OF THEIR PROPERTY IN ANY REAL ESTATE TRANSACTION! My goodness, has no one in this country ever bought a house before? The appraiser, operating under very strict guidelines, sets the value and the bank decides what percentage of that value they are willing to loan, whether it's a purchase or re-finance. In the case of property taxes, the value is set by the County Property Assessor, through most recent sale price and/or at some regular (five-year?) interval, and the County elected officials (supervisors or whatever) pass laws determining what percentage of that assessed value is taxable. Donald Trump doesn't set the value of his home, although he may have an opinion on it.
The BORROWER DOES NOT SET THE VALUE OF THEIR PROPERTY IN ANY REAL ESTATE TRANSACTION! My goodness, has no one in this country ever bought a house before? The appraiser, operating under very strict guidelines, sets the value and the bank decides what percentage of that value they are willing to loan, whether it's a purchase or re-finance. In the case of property taxes, the value is set by the County Property Assessor, through most recent sale price and/or at some regular (five-year?) interval, and the County elected officials (supervisors or whatever) pass laws determining what percentage of that assessed value is taxable. Donald Trump doesn't set the value of his home, although he may have an opinion on it.