In theory, yes, but the last few decades show the opposite is happening: property tax rates are limited in many states (CA prop 13 being the prime example), and

In theory, yes, but the last few decades show the opposite is happening: property tax rates are limited in many states (CA prop 13 being the prime example), and income taxes and sales tax fund more and more. For example, the federal govt's total revenue is 6 times the total property tax collected in the US (and this ignores state income/sales taxes). In California specifically, just the personal income tax alone is more than the property tax collected. Once you add in the other sources, property tax revenue is half of non-property tax revenue.