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!

[Jay Hinrichs]

your right never look at value from the tax assessor..  market value is their opinion of true market value assessed is exactly as you state just a number far below actual value.. and direct mail I want to buy preys on sellers not knowing the difference. 

if it has an easement to it    It is NOT landlocked..  If its full of tree's first thing you do is talk to a local Forester and figure out timber value could easily eclipse the value of the bare ground.. now out your way  timber value per acre is not like here in the west with tight tall stands of Douglas fir .. but there is no doubt some value I would think.. and worth checking.

Next thing is to simply order a title report that will show U if it is indeed landlocked it will say there is no apparent access to a public road.. 

the offer in the mail is just a wholesaler shot gunning and they know the value is a multiple higher than what they are offering.