[Aloha]

REIT's are a huge work around for Prop 13, the REIT can change hands dozens of times, but the underlying property is never sold.

[foogazi]

Thats what I mean for companies too - the value of the land is part of the company or funds valuation

REITs are traded on the value of the underlying asset - unlike a homeowner that does not extract value from their property

Properties packaged in tradable shares should be re-appraised annually at least