Absolutely not... but what should happen is, there should be a "Property Tax Adjustment" to reflect the upward value when properties increase by xx% (10%-20%) Why? Because when home prices increase, people request more and improved city services and they demand such improvement to the infrastructure and the cycle of servicing to the community those home exist.
There is other factors involved with home prices escalate rapidly, and that is a tool that has long been used for "gentrification". Gentrification always affects the moderate to lower income in the spectrum of income levels suitable for home ownership.
The average homeowner has no concept in reality terms of what it cost to run a city or the relationship between property taxes and the cost of upkeep that is expected.
These are some of the reasons why many cities no longer have "street sweepers", "get their curb painted", "the line striping on the streets", "sidewalk repair" and other elements that keep cities with the aesthetics of being well maintained.
Millage rates must improve, because all these things play a part in managing the process to avoid the mess we had in 2005-2008 with run away house pricing, that fueled the craziness of variable rate game of selling and packaging these mortgages that time proved to be over-valued and cities could not keep up with the demand for services these new high value owners demanded.
"everything matters"... the general public delusion that things are "isolated" from other things, is a fallacy that it time for people to recognize.
These things will be simpler to understand when people, step away from having been groomed to "protect the well to do and wealthy" while they watch deterioration to the community and living standards of the working class.
That system was created during the Jim Crow Era, where funds were diverted away from creating and supporting a quality standard in working poor white areas and certainly in dire poor white areas, and it was not even a concern to invest in bringing even the lowest of poor white standards to the black and brown communities.
It's time for Property Tax Assessors to get busy and re-assess these fast escalating market values of these homes. They need to work with insurance companies, because they know exactly what "replacement cost valuation is". So, that 150k house that pays tax based on a 30k valuation, should be increased to reflect what replacement cost and land value is, in current day. THEN, cities can have the revenue to elevate the standards in communities and continue to maintain the quality standard that was designed for community services.
The very wealthy have know this for a long time, but they don't care, because if they can keep their property tax low, they can demand services because of their community status, and the result has always been to cut back on services to some less fortunate areas, and divert those services and the funds to provide those services to the high status well to do and wealthy communities.
Result: the working class see their communities continue to decline and they continue to hear, there is not enough money to go around to provide the standards to the level, the working class should expect and receive.
Property Taxes by State – A Complete Rundown
This is all an "intricate process" because, it also means that wages must increase, to ensure people can maintain the affordability to rent, lease or buy, when there is a property assessor tax rate increase.
(Is it likely to happen any time soon. NO!!!)
If we want to elevate the American working class, this is a process that must be included in the 50 yrs Master Plan to the Centennial Master Plans for cities across this nation.
That means the $2.3 Trillion Infrastructure Plan
is only a drop in the buck of society for what it will take to engage the work to meet with the 50 yrs Master Plan to the Centennial Master Plans . It should be passed without a second guessing!
We have to rebuild "everything", from water, sewer, drainage, electrical grid and other power source grids, streets, roads, bridges, internet and we have massive homes that will need to be torn down and 21st century homes and apt's. built... and so much more.