This scenario of yours is used to justify policies such as California’s Prop 13.
But realistically, the primary beneficiaries aren’t retired middle-class homeowners on fixed incomes, but large corporations who own commercial property that now have their property taxes permanently frozen at 1970s levels, costing local governments huge amounts of money and encouraging poor land uses.
But realistically, the primary beneficiaries aren’t retired middle-class homeowners on fixed incomes, but large corporations who own commercial property that now have their property taxes permanently frozen at 1970s levels, costing local governments huge amounts of money and encouraging poor land uses.