At least where I live, property tax is assessed based on home value, but the multiplier varies based on the overall budgetary requirements for the town. So it's

At least where I live, property tax is assessed based on home value, but the multiplier varies based on the overall budgetary requirements for the town. So it's not like you are just always taxed 1% of your home value(or whatever). If every house in the town doubles in price, and the budget remains the same, then whatever multiplier is used would halve. Which makes sense - if home prices increase it doesn't mean that the town actually needs to provide more services to the same amount of residents. Of course, towns frequently see increasing home prices as a sign that they can siphon more money out of people via budget increases, but that is a separate issue.