The obvious implication is that there are large properties that have appreciated greatly in value but have not been re-assessed, leading to artificially low pro

The obvious implication is that there are large properties that have appreciated greatly in value but have not been re-assessed, leading to artificially low property tax on those properties that haven't changed hands in thirty years while those who purchased since that time are re-assessed at purchase. Not dissimilar to Prop 13 in California: a massive one-time gift to those who owned in the area at the time (and, in California, their descendants).