Comment by itsdrewmiller

The assessments are roughly based on the sale price of similar lots and the approximate rebuild value of the structures; usually erring on the low side in my experience (though that is probably more about the direction of the housing market than inherent to the process). I agree there is a qualitative element that strikes me as icky compared to pure quant taxes like wages, but it's already happening so LVT doesn't materially change things.