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Ok, but those just are not arms length sales - they're rigged sales. Here you're not arguing that what they paid for the land was NOT FMV or arms length. Or that there was some corrupt inflating of the construction costs.
Exactly, and there is no reason to use a different value (whether assessed or full FMV) for all similar (or comparable) properties based on the logical assumption that they are all close in value (whether assessed or full FMV). Insurance comapnies often use 'replacement value' so what a particular item actually cost (once upon a time) is of no consequence.