Home prices have almost quadrupled in California since 2000. If you bought a house in California in 2000 for $250,000 you are only paying taxes on it as if it

Home prices have almost quadrupled in California since 2000. If you bought a house in California in 2000 for $250,000 you are only paying taxes on it as if it is worth $360,000, due to prop 13, even though it may be worth closer 1M. If you want to move to a different equivalent house that is the same market value, your monthly tax payment would triple so you probably just dont move. If you want to downsize your tax rate would still likely go up. Even if you bought a house five or ten years ago the same general pattern disincentivizes moving quite a bit. This lock in effect was not present in California in the 1960s. Source:https://fred.stlouisfed.org/series/CASTHPI https://fred.stlouisfed.org/series/CASTHPI