[cozzyd]

It makes sense for property tax totals to be similar if they are used to provide similar services. If everybody's home price suddenly doubled, property tax rates to first order would halve (there are second order effects like needing to pay firefighters more so they can afford to live in the jurisdiction).

[ElevenLathe]

I would bet that, to a first approximation, most municipal taxes go to paying salaries of municipal employees (or contractors' employees), and so the "second order" effects of all those workers needing to live nearby are in fact most of the budget. Sure, higher property values mean the county clerk doesn't use more paper clips, but that kind of thing isn't gonna be most of the budget.