The 2% growth thing is the biggest mistake. It should follow the CPI or some other inflation metric. That way, you are taxed on the fair market value, but the growth follows the market. It's still not fair, but it is better than what is there now. They made the same mistake with legislating 7% growth into pensions.

I still hate the "fair market valuation lock-in". So much of it comes down to timing and nothing else. When rates were high in the 70s and 80s, people locked in a tax rate at a low price. Therefore, it's probably advantageous, from a property tax perspective, to buy in a high rate environment in CA. Rates have been going down consistently since then, and thus we have all of these older people that have locked in their property tax rate at a ridiculously low valuation. There is just so much the market can do that legislating these things like growth into the law just has too many unpredictable effects.

I was renting a place for 2500/mo from a woman's son who paid $600/year in property taxes. He wasn't the least bit interested in maintaining it either.