[operatingthetan]

That doesn't show that improvements to land have negative value. You're also assuming that landowners always make the most rational value decisions with their properties and that's frankly just not the case. People aren't tearing down high value homes to build new ones, you're only looking at low value ones and applying incorrectly as a generalization to both.

In most real estate transactions where the home is clearly a tear down, it's priced in.

It seems like might have never viewed a property tax bill.

Here's my neighbor's house built in 2022 appraised values:

land: $465,000 improvements: $620,000