CA historically has pretty volatile housing prices. Doesn't that increase the unfairness of the property tax system? Buy a house when prices are up and you're stuck forever. It really does make sense not to price someone out of their home, which they could afford just fine when they bought it, just because their neighbor's home went up in value and the tax assessor wants to asses at the new price point. Putting a limitation on the increase of such taxes makes sense for residential properties. This sounds a little like arguments for rent control. Not exactly the same of course, but aren't some of the effects similar?

Thanks, btfb.