If your house has gone from $200,000 to 700,000, having to pay $150k in deferred property taxes doesn’t seem over onerous.
If you want to have complete freedom over your land, you generally can't live inside a city, because people inside a city are much more interdependent, and what you do can very easily impact others. In the countryside, you have much more freedom to do what you want with it.
When I built my house it was 1 km (0.7 miles) outside of the city, that was the distance to the closest building. Now, just 12 years later, it is 1.5 km inside. Not my choice, not my doing, not my fault: why should I be put all the restrictions and the taxes when the city expanded (in a really ugly way, btw) chaotically and engulfed everything around it?
Capping property taxes is the same as rent control. It has the same challenges in its implementation, and the same downsides and costs.