Yes, and it's been long bemoaned about how people game that system and how unfair it has a tendency of being. Which was one of the points I was raising.

There is no objective valuation for anything really... particularly when it comes to more-or-less unique, speculative properties such as land and/or improvements.

The only reason everyone mostly agrees on, say a car's value is there's a lot of cars exactly like it that have been sold recently in whatever area you are in. Yet, every plot of land is mostly unique and has a tremendous amount of potential, debatable factors when it comes to value.