This- fixing property tax to purchase price- is exactly what California's Prop 13 did, which has ended up gutting California local governments (https://edsource.org/2022/californias-prop-13s-unjust-legacy...). It has resulted in lots of people who aren't paying their fair share into the upkeep of their community, and driving CA house prices insane. It's been a giant fiasco, hurting California's growth, and locking people into their house so they can't move: https://www.nber.org/digest/apr05/lock-effect-californias-pr...

So, not a good solution. Got another idea?