> Why does the person who moved in yesterday, perhaps far needier than the longer-term resident/owner (and just as deserving of basic civic services) have to pay so much more?
Property taxes without caps are just as unfair but in the opposite direction. Why should someone who lives within their means and bought an affordable house be punished just because a bunch of other people swoop in and drive up prices around them. A buyer of a house needs to be able to forecast future tax payments to make an informed decision. If you don't have a yearly increase cap on property tax rates, the buyers future costs are totally unpredictable and up the whims of the markets and bubbles.
Property taxes without caps are just as unfair but in the opposite direction. Why should someone who lives within their means and bought an affordable house be punished just because a bunch of other people swoop in and drive up prices around them. A buyer of a house needs to be able to forecast future tax payments to make an informed decision. If you don't have a yearly increase cap on property tax rates, the buyers future costs are totally unpredictable and up the whims of the markets and bubbles.