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.)
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.