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I'm fine with property tax, but it can't just go up every year on a %. It should be reasonable.
Oregon has awful property taxes that effectively price people out of their homes.
Boring suburban houses with $9000 annual taxes should not be a thing. Then the next year it goes up by 4%. Has to be a limit somewhere in the system.
In CA, Proposition 13 limits increases and you would think it would prevent drastic overall property tax increases and the tax revenue would be fairly stable. In reality the run up in prices after 2020 has been an absolute windfall for cities and has cost property owners big time. For example, LA's budgeted property tax revenue went up 14.6% from 2022 to 2024, an absurd increase far exceeding the general inflation level but something cities and counties have come to expect.
While I think property taxes (or some replacement) are absolutely necessary in a functioning society, in my experience they way they are implemented is ridiculous and the reason for this kind of initiative.