[mc32]

You could apply it to new sales —grandfather current owners to minimize that effect.

[0xffff2]

Isn't that what prop 13 already is? Nominally property taxes reset to market rate at each sale. (Nominally because there are loopholes you could drive a big rig carrying a Falcon 9 through.)

[ashtonkem]

One of the loopholes has been transfers to children and grandchildren. There are residents in our town who pay 1970s property tax rates just because of who their parents or grandparents are. It’s a perversion of the nominal American dream.

[cobookman]

You just made buying a home that much more expensive. You think California's elected officials will keep property tax to 1% of assessed home value?

It'd be a double whammy, re-assesment to higher home values coupled with a larger % of home value being taxed.

I'd rather say starting today homes are re-assesed every 25 years to market value, or something of the sort.