My brother had a place he developed on a 10 acre vacant lot about $50k plus house and barn another maybe $100k more made a little ranch horse property. Old dollars of course. Sold it for $1.3 million new dollars and bought an $800k place, and they let him take his old small tax bill with him about $2,000.
Sure if you buy in late and high they think you are wealthy enough to pay high taxes. Like a landlord and a long term tenant, the rent stays low but the next new tenant pays rent a lot higher. When I was a kid in a machine shop, a philosophy student working there, said “Nothing is too high or too low, or too big or too small, unless its compared to something else.
I think there was a time around 1968 when minimum wage was 9 loaves of bread per hour. Nobody should be using US dollars for accounting or estimating values. The average low wage $5,000/yr was equal to two new $2500 cars per year. Cars today are $50,000 so $100,000 tiny dollars should be the minimum wage.