I'm still curious as to why his tax valuation is low but his credit valuation is high.
You pay taxes on what something is worth, not what you say it's worth. You can't tell the state or city that your home is worth $10,000 and expected to get taxed on that then turn around and leverage it as worth tens of millions. That's not how property taxes work.
If MAL is worth 18 billion, then his property tax in WPB should be astronomical, not lower than what I pay for a 1800 square foot house.