It still applies to all residential property. On sale, the tax rate is set to 1% of the sale price, and increases are limited to 2% per year. This creates the i

It still applies to all residential property. On sale, the tax rate is set to 1% of the sale price, and increases are limited to 2% per year. This creates the incentive to not sell, even if you have way too much house (e.g. empty nesters) because you may significantly increase your tax burden by downsizing.