[throwawayboise]

Can't they game their way around that though by just increasing the assessed the value of the property? That's how my town effectively raises property taxes beyond the statutory limits. Sure you can appeal the assessed valuation but most people don't. It is expensive and time-consuming.

[astrange]

It’s fixed at the original assessment the last time it was sold, I think. It also applies to businesses, with the result that the car dealership next to me pays less taxes than a new condo. Inheritance does not reset it, meaning the state is effectively living under feudalism.

There was an attempt to fix this for businesses just last year, but it failed because homeowners were convinced it was a plot to get them.

[underwater]

No, it's fixed at when the house was built. You'll see "renovations" where the entire house minus one wall is demolished, and the new structure built around it. This allows the owners to avoid reassessment.