True. But the argument that assessment is subjective, and prone to error, is true. But such errors in land value are at least fairly easy to peer review. It is

True. But the argument that assessment is subjective, and prone to error, is true. But such errors in land value are at least fairly easy to peer review. It is all a matter of public record. But for income, if you hide it all in the Cayman Islands, who is to say how much income you made or not? The errors could be off by many orders of magnitude and we wouldn't even know. And more importantly, taxing the right thing imperfectly is better than taxing the wrong thing perfectly. Taxing people imperfectly for polluting is good. Taxing people for doing good deeds is bad, even if assessed perfectly.