Farm land around here is going for roughly 8K/acre. But the real estate taxes for farm land (unlike residential land) is not taxed on fair value (Aside: if you want to call residential tax assessments "fair value." I built my house on a $19,000 lot. Cost $225,000 to build. My tax assessment is $480,000 despite the fact that if I chose to sell it, I'd be lucky to get $300,000 - last actual appraisal for refi was $325,000 and that was before the ass fell out of the residential market). Farmers get a tremendously lower tax rate on their real estate than do home owners. The "tax assessment value" of farm land is around 1/10th its actual value (which explains why my tax assessment value is skewed sizably up - gotta make up the difference somewhere.)

There'd be similar futzing around with "tax values" for the privileged class, I'm certain.