Property taxes are already commonly broken down into the value of the land vs buildings, IIRC.
That said, it is done for property insurance, so I think your point that it's already done stands.
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> That said, it is done for property insurance, so I think your point that it's already done stands.
I dunno how useful that will be - my insurance is based on how much it would cost to rebuild the house if it burned down.
This lead to the comedic result that what I paid for the house at the time was about half what the insured value was. My property tax is calculated on the selling price, though.