Maybe he has a rent-controlled apartment.
The appraisal district values a parcel of land differently based on its designated use.
A residential parcel worth $375,000 on the open market may be valed at $300,000 by the appraisal district for property tax purposes.
If the owner designates the exact same parcel for agricultural use, the valuation drops to a fraction of that.
If the owner designates that parcel for club use, even less.
If the owner designates it as common area, in some jurisdictions the valuation drops to $1 for tax purposes.
A quick hearing with the tax assessor’s office or a zoning commission hearing can redesignate the land back to residential use. The valuation jumps back up to $300,000.
What is that parcel worth, regardless of the designation? $375K.
People in real estate know that this case is a steaming pile of crap.