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I should also add, I'm not against any cap. I'm just against low caps. I'd be happy with a 5% annual assessment cap calculated from the original purchase price and purchase date of the property. This is in contrast to the year on year cap that California has. Generally, property values increase at a rate of 3-5% per year over the long term, so capping it at 5% allows the local municipalities to get a steady stream of cash while not having a large deficit when the economy tanks. This also reduces the burden on the taxpayer by slowing the rate of tax increase. Either way, we pay, and the municipalities get their money. Buffering the property assessment increase just makes it an easier pill to swallow. Hopefully that made sense.

I guess I may be in a minority here when I say that the current system is fine AS LONG AS the property assessment is accurate and fair. If property values go up, so do dollars paid in taxes. It's one of those "you gotta pay to play" deals. The scheme also does a good job of keeping housing prices in check.

There's this one state that tried capping property tax growth a few decades ago like some of you have suggested. That state is called California. Look what happened there. Housing prices have dramatically increased to the point of lunacy. Prices also fluctuate extremely wildly with the ebbing and flowing economy. What could be a $2M home may turn into a $1M or less in short order. It's a general agreement that the tax law (prop 13) is what caused the problem in the state. Of course, trying to repeal it now would be political suicide because that would send home values plummeting and make taxes go up.