We shouldn’t have property taxes at all, they violate private property rights. This was just an illustration of the consequences of inept government policy. CA caps property tax increases yearly to a small amount, and property tax is assessed as either the purchase price or the assessed value, whichever is greater. Therefore, older generations have minuscule property tax bills, while a young family buying their house will see a 5-10x jump in yearly property tax once they sign the mortgage. Most young people here however think the solution is to increase property taxes on those old boomers and legacy houses instead of abolishing property taxes and zoning laws that artificially increase the value of these residences.