For Prop 13, the assessed value will go up at the inflation rate, capped at 2% a year, from the purchase price. So after thirty years your assessed value be abo

For Prop 13, the assessed value will go up at the inflation rate, capped at 2% a year, from the purchase price. So after thirty years your assessed value be about 1.8 times the purchased price. New taxes can also be added either as a percent of assessed value or a flat per parcel tax. This still produces what you described in (5) but not quite as extreme. Although you did not mention the kicker that Prop 13 allows the low assessed value to be transferred to descendants for a, "let's build a landed aristocracy like old timey Europe" vibe. Here is a photo of one of these tear-down remodels in La Jolla near the beach[1]. [1]https://njarboe.com/images/LaJollaTeardownSmall.jpg https://njarboe.com/images/LaJollaTeardownSmall.jpg