[imtringued]

Okay this sounds crazy, why on earth would anyone tax the market value of the building or apartment? Generally the idea is to tax the land not the property. This way multi family homes can split the tax burden vs a single family home paying the full tax.

[vkou]

You're right. Taxing the cost of the land + the cost of the building is insane.

Unfortunately, that's exactly what every municipality in the United States is doing, right now.

Most economists believe that only taxing the value of the land would be better public policy.