Value is subjective and changes.
Trade in property is very inelastic.
Locally, though not nationally, floorspace is a proxy for value.

Simple.
Doesn't involve updating any subjective valuations.
Councils already have reasonably up to date information,
filed for Planning and / or Building control purposes.
Not too difficult to subtract a few square metres, for every premises, to correct any bias against smallest homes.

Bands and valuation are not solutions, but baked in problems. First principle should be gross floor area, under a roof.

Some of us were bemused by the 50% into higher education "target".
Weren't there already more earning their living in a profession than a trade?
Newham LB grant figures:
more than half of those who sat GCSEs in the summer of 1997,
were in higher education before that announcement was made.

Why and how is it worse than borrowing from banks?
Banks = contractors which supply credit for interest.