[Spooky23]

Valuation is based on net income, which is easy to game.

Also, most new development in my area is getting partial 10 year tax abatements. So the owners get to undercut the rents, which drives more of the traditional 2-4 family houses to lower rents and less maintenance, and eventually to section-8, which is the price floor.

So I get to pay more property tax, I get to pay for tax abatements via sales taxes, and we get to enjoy more traffic and a decline in the maintenance of legacy housing stock.