[dragonwriter]

> Property value is reassessed on change-of-ownership.

Actually, it's reassessed annually, there is just a limit to annual assessment increases except with qualifying events.

Which doesn't change the fact that Prop 13 limited nominal rates to lower values than many jurisdictions (including core Bay Area ones) were before Prop 13; jurisdictions aren't making up with artificially low assessments on long-held properties with higher taxes on other properties. Yes, those other properties are assessed closer to full value, but it's not offsetting anything. If you cut the food you eat on weekdays by 50% and that on weekends by 66%, you aren't making up for the reduced weekend calories by eating more during the week.

[chiggins]

This is an outlandish argument to make. Prop 13 contributes to shortage of housing stock. Shortage of housing stock causes prices to rise. In the event of any sale (existing property or new), the price will be higher than it would have been without Prop 13 in place. The same marginal tax rate on the new (or transferred) home now amounts to a larger amount than it would have otherwise.