A Los Angeles resident who has owned a home for 50 years that’s now worth $1 million pays less than $500 annually in property taxes. Yet if their neighbor spent $1 million to buy the house next door last year they would owe $10,000.
Doesn't fixing this lead to gentrification, though? Take a bunch of low cost property, raise the value of the properties, increase the taxes, and force poor owners out in lieu of wealthier home buyers?