What happen to office/commercial property tax when they are losing value ?

[Carlos Ptriawan]

I am just curious, what happened to property tax when office space value is cut by half while residential is going up ? For example, in the same zip code we see residential price is going up 10 percent, but office or mall is falling by 50%. Is the property tax going moving forward going to follow the actual transaction ? 

Just curious to what happen in this case. So the same piece of land is being valued differently when asset class is different. I just don't understand how property tax for office/small mall is being calculated.