My point is that just from the outset, property taxes are a tax that transfers wealth from those who own property to those who do not. All property taxes are a

My point is that just from the outset, property taxes are a tax that transfers wealth from those who own property to those who do not. All property taxes are always a transfer from property owners to everyone else. Prop 13 or no Prop 13 this is true. So then when we’re talking about Prop 13, we are talking about a putative transfer only between property owners - long-standing vs recent. When I say that it’s also not a transfer, what I mean is that anyone who holds property will end up with the same relative gain over time. This of course assumes that prices continue to rise. If they don’t then these schemes to tax people on unrealized gains fail too.