It does, but I doubt it contributes as much as low interest rates. The difference in current mortgage rates and the long run average rate is something like 40%

It does, but I doubt it contributes as much as low interest rates. The difference in current mortgage rates and the long run average rate is something like 40% of a homes current value IIRC. Assessed value increasing at 2% per year instead of 3% per year does make a difference, but a 1% difference in the rate of increase of taxes that are 1% of the assessed value is a 1 hundredth of a percent difference per year.