> as they have for many folks in some states recently.

Can you name some examples?

California limits increases in property taxes to 2% for this reason. More generally, property owners vote at a high rate, so governments will usually be less aggressive in increasing property taxes. Of course, they still go up, but it's generally less of a risk.

California’s approach privileges people who have lived in California in the past over the affordability of housing for people working today. It’s got its own popularity issues.

It’s very similar to rent control in that way.

Wouldn't their rent go up at a similar rate since the home owner would be copping those tax hikes anyway?

not necessarily. rent and market value are related, obviously, but they don't have to increase at the same rate. in some markets, property values can increase much faster than rent.

https://www.investopedia.com/terms/p/price-to-rent-ratio.asp

Yeah, I agree. Rent is essentially capped by median income. If mortgage rates are cheap enough, housing prices will skyrocket, but median rent will barely budge.

Profit