Yes, it is ridiculous. Increased property value is unrealized wealth. The idea that someone has to sell their home because they can't pay the increased taxes is criminal. Prop 13 is the single greatest piece of legislation to ever come out of Sacramento.You think it is a ridiculous argument that people should pay property taxes on the actual value of their property?
That is the argument in a nutshell. ‘I’ve lived here for awhile therefore my property taxes should be lower than yours for the same property.’
They can tax the inflated value of my house when they start taxing your 401k every year.