[asinclair]

Add to it that many of the land valuations are unrealistic, many ranches and farms cannot actually be sold for what they are valued at.

Depends on what the valuation is based on. Some locales like to set property values high enough to add tax money without having to raise the tax rate.

There is a solution for that: the valuation of the land sets the bar price for the land if it has to be sold. Can't sell it for the taxable value? The tax assessor has to revalue the land for the sale price, and refund excess taxes paid by the previous owners for the past 25 years.

And if the government wants to buy the land, the bid price is the value set by the government for tax purposes. Those two measure would stop the inflation of values.

[wildandcrazyrussian]

There is a solution for that: the valuation of the land sets the bar price for the land if it has to be sold. Can't sell it for the taxable value? The tax assessor has to revalue the land for the sale price, and refund excess taxes paid by the previous owners for the past 25 years.
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Where is the world would that be? That's certainly not how the system is set up in the United States.