Alternatives exist (eg taxable value set by what you paid not marked to market)

Having one reducing reliance on property taxes

I will also accept inheritance tax at 90%, if you really want to skip property taxes :)

LVT would actually negate the parent posters complaints, as only the underlying land would be assessed and the penalties only really kick in if the land is unoccupied or is not utilized (sitting vacant is the most common of this, followed by lack of utilization, for instance under many LVT implementations large lot owners with single homes also get hit with underutilization penalties to encourage subdividing and utilization of the land which is a net win for society And often the immediate land owner. Objections tend to philosophical on this point)

It disincentives empty / under-utilized land holdings like vacant lots or lots that could support more utilization (usually via an activities like building homes on top and selling / renting them or farming)

There is nuance in implementation details but in broad strokes that covers it in tl;dr fashion