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Not only that, it's not even an attempt to reflect the market value in most jurisdictions.

I've not heard of this: why is that? What else is it an attempt to reflect?

Here's a pretty randomly chosen one from a state that I know does the practice GP describes:

https://www.zillow.com/homedetails/3304-Gillenwater-Dr-Knoxv...

Sold in 2021 for $190K. Tax assessment in 2020 was $111K; in 2021 was $28K; in 2022 was $50K. The assessed value has no obvious tight relationship to the market value.

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