It's similar where I am - a bank and a realtor might say a home is worth .5M but the tax man still assesses it at around 115K.

I bought my home over 20 years ago and it is worth much more than I paid on the market. Yet the value of the property for tax purposes is only 3K more than what I paid for it in 2002.

Curiously, most homeowners, even recent ones, vote against changing that, because nominal value of the tax would go up for everyone, so we have the status quo.

But the solution I think should come out of the budget -- say, a municipal budget gets $100 today from property taxes, while recent homeowners pay $80 of that. If we just change the assessment rules to make it fair with long-time homeowners, then recent homeowners will pay $90, and long-timers will pay, say, $70. But budget only needs $100, not $160. So we can lower taxes at the same time as equalizing the assessment rules.