I think it's more likely that a typical $2M house on the peninsula is paying much less than $27,000/year in property taxes because of prop 13. Only the homes t

I think it's more likely that a typical $2M house on the peninsula is paying much less than $27,000/year in property taxes because of prop 13. Only the homes that have been sold in the last ~5 years are actually paying 1% of property value in yearly taxes. Many homes are paying much, much less because they haven't been sold in 20 years and/or were passed down within the family. Or, the owners move out and rent the home and continue to get artificially low property taxes (while increasing rent higher and higher reach year).