I need an explanation for this Communications question to help me study.
Property Taxes and a World-Class House
The district received 65,000 assessment protests in 1993, one of them being from Mr. Perot. He had not protested in earlier years, but comparable sales in the neighborhood led him to conclude that his properties were overassessed. After the initial hearing, his assessment was reduced by $96,100; he filed suit for further reduction in state district court, the normal avenue to continue the appeal. Following routine procedure, assessing officials will inspect and appraise the property; that is the normal approach to beginning negotiations
Consider These Questions
1. What approaches may apply in this assessment question, and what problems do they have?
2. What is your view of the assessment system briefly outlined here?
3. What help does the asking price for the rental property give the assessor?