If it's your primary residence, the homestead tax credit can offset that increase substantially

https://smartasset.com/taxes/what-is-a-homestead-tax-exempti...

OP's original point still stands. Real estate in America is designed to have many economic advantages for wealth accumulation and preservation. You might even go as far as saying the economic advantages of real estate are a byproduct of regulatory capture

> economic advantages of real estate are a byproduct of regulatory capture

This seems correct to me. I don't think it's been specifically designed to be a store of wealth.

Yes, seriously. I have never seen two to three percent property tax increases.

Prop 13 limits property tax increases to 2% or less in California :)

2% of the current property value am I right??

the property value that can skyrocket

Nope. 2% max per year from your purchase price.

There's people that own $8M dollar houses in Hollywood paying less property tax than people living in $800k condos.