He can put any valuation he wants as an owner.One other thing. When Trump got the DB loan, he wasn't able to get loans from any commercial lending outfits due to his bankruptcies. Which is a big part of the reason he wildly overinflated his assets, the private lending arm at DB needed that shit to make their case that the commercial lending market was in the wrong in by not lending to Trump.
Ironically, the private lenders turned out to be right on this front, and DB made plenty of money. That's the argument against the NY AG case against Trump. But his asset valuation was fraudulent as ****, and not the kind of "we valued it somewhat high" type fraud you are trying to imply here. Like obviously, easily verifiable BS that simply wasn't true. As with everything Trump, there's a ton of humor in the way things play out.
The taxing authority ultimately assigns a tax due on ALL properties on IT'S valuation. The owner can go to tax Court and appeal for a reduction.
The Lender also has their independent appraisal prior to making a loan on ANYTHING.
A friend was Head of Security at DB near the WTC, he got the biggie ups OUT, prior to the collapse of either tower !