Except that the exemption can be inherited by descendants indefinitely, creating an ever-increasing windfall for (what amounts to) a tax-privileged bloodline.
When Prop 13 reached the Supreme Court, one justice noted the feudal character:
"These disparities are aggravated by § 2 of Proposition 13, which exempts from reappraisal a property owner's home and up to $1 million of other real property when that property is transferred to a child of the owner. This exemption can be invoked repeatedly and indefinitely, allowing the Proposition 13 windfall to be passed from generation to generation. ...
"Such a law establishes a privilege of a medieval character: Two families with equal needs and equal resources are treated differently solely because of their different heritage."