Using the finite difference time domain (FDTD) method, we have calculated vertical electric field Ez, horizontal (radial) electric field Eh, and azimuthal magnetic field Hϕ produced on the ground surface by lightning strikes to 160‐m‐ and a 553‐m‐high conical strike objects representing the Peissenberg tower (Germany) and the CN Tower (Canada), respectively. The fields were computed for a typical subsequent stroke at distances d′ from the bottom of the object ranging from 5 to 100 m for the 160‐m tower and from 10 to 300 m for the 553‐m tower. Grounding of the 160‐m object was assumed to be accomplished by its underground basement represented by a 10‐m‐radius and 8‐m‐long perfectly conducting cylinder with or without a reference ground plane located 2 m below. The reference ground plane simulates, to some extent, a higher‐conducting ground layer that is expected to exist below the water table. The configuration without reference ground plane actually means that this plane is present, but is located at an infinitely large depth. Grounding of the 553‐m object was modeled in a similar manner but in the absence of reference ground plane only. In all cases considered, waveforms of Eh and Hϕ are not much influenced by the presence of strike object, while waveforms of Ez are. Waveforms of Ez are essentially unipolar (as they are in the absence of strike object) when the ground conductivity σ is 10 mS/m (the equivalent transient grounding impedance is several ohms) or greater. Thus, for the CN Tower, for which σ ≥ 10 mS/m, the occurrence of Ez polarity change is highly unlikely. For the 160‐m tower and for σ = 1 and 0.1 mS/m, waveforms of Ez become bipolar (exhibit polarity change) at d′ ≤ 10 m and d′ ≤ 50 m, respectively, regardless of the presence of the reference ground plane. The corresponding equivalent transient grounding impedances are about 30 and 50 Ω in the absence of the reference ground plane and smaller than 10 Ω in the presence of the reference ground plane. The source of opposite polarity Ez is the potential rise at the object base (at the air/ground interface) relative to the reference ground plane. For a given grounding electrode geometry, the strength of this source increases with decreasing σ, provided that the grounding impedance is linear. Potential rises at the strike object base for σ = 1 and 0.1 mS/m are some hundreds of kilovolts, which is sufficient to produce electrical breakdown from relatively sharp edges of the basement over a distance of several meters (or more) along the ground surface. The resultant ground surface arcs will serve to reduce the equivalent grounding impedance and, hence, potential rise. Therefore, the polarity change of Ez near the Peissenberg tower, for which σ is probably about 1 mS/m, should be a rare phenomenon, if it occurs at all. The equivalent transient grounding impedance of the cylindrical basement is similar to that of a hemispherical grounding electrode of the same radius. For the 160‐m tower and for hemispherical grounding electrode, the transient grounding impedance is higher than its dc grounding resistance for σ = 10 and 1 mS/m, but lower for σ = 0.1 mS/m. For the 553‐m tower, the transient grounding impedance of hemispherical electrode is equal to or larger than its dc resistance for all values of σ considered.