Sure, it's the same process ... but it's now putting a lot more weight something that's more nebulous - just the value of the land. Now, whether the final price of a property is the land or the improvements isn't important and so as long as an appraiser matches the market, they can be considered more or less right, whatever weight.

The situation is almost tautological. I mean, suppose Amazon builds a giant shipping depot in the middle of nowhere. The land was worth nothing before. Without the depot, it would be worth nothing now. Then town arises around giant depot. Town tries to raise taxes on Amazon says "still worth nothing if we leave". Who's right?