Help with Land Real Estate Example and Potential Selling Process

[Marshal Amon]

Hi BP community,

One of my friends owns around 12 acres of a landlocked parcel in Highland County, Ohio and is looking to sell but wants to know how much he could get for it. He has 100% equity in the property and has just been paying the property tax on it bi-annually for awhile now. Since it's landlocked, there is an easement but there are no additions or anything else built on the property itself, mostly comprised of just woods. 

I decided to undergo my own research to learn more by looking at the county auditor's website and I found some stuff I don't quite fully understand. The 100% Land Appraisal was around $40k but the 35% Assessed Value was around $14k. I have an idea on what this means but I can't verify that with certainty.

My guess on what this means is that the appraisal is what the land is valued at and could be sold for and the assessed value is 35% of the value of the appraisal and also around the total amount of property taxes paid on the parcel. *Please correct me if I'm wrong here* 

A couple months ago, I was told my friend received a cash offer for the parcel via direct mail, not sure on the exact offer number but I think it was around the 35% Assessed value, around $14k.

My question is if my friend wanted to sell this parcel either by owner or through an agent, would he want to aim for the 100% appraisal value as a starting listing price or would he only be able to sell for around the 35% assessed value? It seemed to me like that direct mail cash offer was a low ball offer from some guy who was looking up parcels of land in that specific county.

If I'm wrong, out of line, or am missing any crucial information, please let me know. I'm very new to this field of real estate! Thank you for the advice and insights in advance!