I’ve advocated for property taxation by the square root of enclosed square footage.
A 900sf apartment would pay 60% of the property tax of a 2500sf house.
As well as being fairer, there would be no need for annual reassessments of market value, saving greatly on administrative costs.
Under square foot square root property taxation governments would no longer profit by making housing expensive.
The value of the dirt underneath the building goes into the valuation also. Dirt values vary depending on location, location, location.
I also suppose you have a mish-mash of state laws that govern county revaluations. In NC, counties are required to revalue at least once every eight years. Depending on the run-up in property prices, the county might revalue twice over the eight years or just once. I actually remember CharMeck canceling a property revaluation because they said it wasn’t worth it! Hallelujah!