I’ve read/listened about LVT many times and I don’t remember “auctions are a key aspect of this” ever coming up. E.g. the four posts by Lars Doucet on ACX only mention the word twice, in one paragraph that doesn’t make that claim:
Land Price or Land Value is how much it costs to buy a piece of land. Full Market Value, however, is specifically the land price under “fair” and open market conditions. What are “unfair” conditions? I mean, your dad could sell you a valuable property for $1 as an obvious gift, but if he put it on the open market, it would go for much more than that. Likewise, it’s not uncommon for a property that’s been foreclosed on and hastily auctioned off to be re-listed publicly by the auction winner for a higher price.
I’ve read/listened about LVT many times and I don’t remember “auctions are a key aspect of this” ever coming up. E.g. the four posts by Lars Doucet on ACX only mention the word twice, in one paragraph that doesn’t make that claim: