Yeah sure the taxes would go back to normal later, but the people left with deflated property values and a worse neighborhood and potentially leave because of decreasing property values aren't going to feel very good about it.

Also the asshole still saves on the purchase. The taxes go back up, but the sale price of the land was artificially low still. Which benefits the asshole and hurts the original owners.

The only way it doesn't benefit the asshole is if the property is worth zero dollars to sell.