In Nevada, it's a percentage (approximately 0.5%, varying from city to city and with other conditions, like commercial usage) of its assessed value, which is 35% of taxable value. Taxable value is the market value of the bare land plus the replacement cost for all improvements on the land, less depreciation.

> Property taxes are relatively independent from the absolute value of the property.

In most places they are not. What would even compel you to write something like this?

Property values are regularly re-assessed according to recent sales and a % of the property value is then levied as tax.

I live in California where property tax is fixed at 1% due to Prop 13, so I don't really know how it works anywhere else.