Very dependent on the jurisdiction. From the discussion, most states that people comment on work similarly to ca.bc: The provincial assessment authority sets

Very dependent on the jurisdiction. From the discussion, most states that people comment on work similarly to ca.bc: The provincial assessment authority sets a 'value for property tax purposes' that loosely tracks the actual market value. Then, the local authority (city/district/town) sets the total taxes and this is distributed pro-rata over the overall property assessed value within that authority's jurisdiction. California seems to be an exception as near as I can tell (from a long distance and not particularly caught up in it): Prop 13 locks in the value (more or less, no idea as to if there's a COL adjustment) as of either the passing of the prop or the recent sale (hence the case that new buyers pay way more than the folks next door who bought in 1967). The us.ca idea seems intended to solve the problem of 'house-rich/cash-poor'. The ca.bc (yes, confusing abbreviations) solution is to allow the owner of a principal residence to defer property taxes as a lien on the property, payable on sale (at a favourable interest rate).