The outlier valuation is exactly the point! That's why it's a lottery ticket. Some people get $900k, others get $3m, not because of anything they did, not because of improvements made to the property, but just because they picked the lucky patch of dirt.

As discussed in the article, LVT can be implemented in a revenue-neutral way where most homeowners would pay lower property taxes so your handwringing about "yet another tax" is unconvincing.