Another win for land-value taxes over property taxes.

That's not at all how real estate valuations work in my experience. In times of extreme asset inflation, they lag to cut homeowners a break. So much so that other tax authorities reject using municipal values.

And they never go down, barring someone paying for an independent appraisal and going through the abatement process. If real estate values corrected by 50%, then the people who really complained might be able to get their taxes reduced by 10%. But even that's doubtful.

The government can also just increase property tax rates if property values go down. Instead of 0.75%, make it 1%, or 2%.

They can’t in California. Not without voter approval. Same is true in many states.

Thats not how property taxes usually work. Most municipalities set a millage rate based on how much revenue they want. If property values decrease, the millage rate goes up. If all property went down 30% the millage rate is adjusted accordingly to hit the revenue target.