A some point of time we all will find our self contemplating what rights we have in a gentlemen’s agreement or oral contract. The question often become whether a oral contract is enforceable at all. A written contract is where the agreement between the parties is a written document detailing the terms of the agreement. In contrast, an oral contract is where the terms of the contract have been agreed by spoken communication.

At the end of the last article I called equity the other approach to value. Ideally it should be called the other approach to assessment, because it isn't an approach to market value estimates at all. Equity is all about fairness. Specifically that your property tax burden is fair when compared to your neighbor, or your competition. Most states that I have worked in require that tax jurisdictions must assess based on equity, or "uniformity." This is to ensure that the tax burden is distributed fairly. The exception that I know of is Florida, where equity isn't a valid reason to appeal.