I'm under the impression that New York City does this. Effective property tax rates in the 5 boroughs are strikingly low contrasted with surrounding counties, b

I'm under the impression that New York City does this. Effective property tax rates in the 5 boroughs are strikingly low contrasted with surrounding counties, but only for a certain number of units. After a certain number, your property tax notches up to a rate I believe is comparable to surrounding areas. Not saying this particular policy ameliorates the issues you're talking about, just that a precedent for it exists in taxation policy in the US.