> The trickiest part is that your property values are reassessed every year, so for a long time our tax bill has just gone up, whether your income has or not.
I kind of wish it was that way here; the previous owner of the house I am in was paying $1400 per year in taxes, after purchasing it (pre-covid price boom) we pay $12000 in taxes (note the extra zero). I get people not wanting to be priced out of their housing by taxes, but:
1. If your property actually went up by a large fraction in value, so did your equity, and if you have a mortgage, then the equity goes up faster than the value due to leverage.
2. MIN(2%, inflation) is an absurdly low cap. Since it is applied annually, even if inflation averages 2% per year, the property tax increase will lag inflation.
Ultimately when far more people want to live in a place than there is housing, bad things happen, and Prop 13 and rent control just try to shift the advantage from "has lots of money" to "got there first" with lots of annoying second-order effects.