In the paper by Glen Weyl linked above, the property tax should be set at about 1/normal turnover rate (e.g. 1/30 years = 3.3% per year), owners should declare their own assessed value for which they pay the tax (e.g. on the $1500 asking price in the article, the tax could be about $50/year assuming a 3.3% tax rate), and then if someone else wishes to buy the property they can purchase at the same self-assessed value.