Isn't a property tax an on going thing? Unless I'm misunderstanding, this proposal could easily lead to a situation where a home is worth significantly less tha

Isn't a property tax an on going thing? Unless I'm misunderstanding, this proposal could easily lead to a situation where a home is worth significantly less than the taxes due on it. All that has to happen is for the person who presently ones the house to live there long enough for the taxes and associated interest to accrue to that point. In effect, if you stay in a house long enough, this proposal results in the tax authority effectively owning the property even though you've paid your taxes the whole time.