Repeal it ASAP for commercial properties and rental properties (even if SFH).

For single-family, owner-occupied housing, remove Prop 13 provisions for new sales, but grandfather in all current owners until their death or 20 years, whichever is sooner. After which their assessed values are gradually (say over 5 years) allowed to rise to the fair market value.

Force a reassessment upon the property being inherited, and remove Prop 13 protections from it. Right now, there's no reassessment if a child or grandchild inherits the property.

Eventually all grandfathered owners will die off, sell and leave, or start paying taxes based on the fair market value of their property.

There's also the approach of allowing property taxes to be accrued as liens on the property owned by the government, to be paid on the death of the owner or the sale of the property. This ensures that retired people are protected from paying high property taxes, as was originally intended, while ensuring that there's no actual tax break, just a deferment.

One idea I've had is tie new housing supply numbers to it.

Build X amount of new housing or have your property tax go up 10% per year until at market rate.

Would never pass, but I think it would be interesting.

Cashing out for massive windfall profits isn’t exactly “devastating”