wrote...

You're comparing apples and oranges. Municipalities raise taxes to
cover operating and capital expenditures for schools, roads, parks,
police, etc. Those costs don't have a direct association with what
a house costs. House prices are used to determine how the tax load
is spread out across the homes. So, you could double the price of
all the homes, the tax rate would be set to 1/2, and everyone's tax
bill would be the same as it was before. That is what happens during
a revaluation, when all the homes are set to current market value.

Not necessarily...

About 10 years ago Seattle/King county went from a "partial value
assessment" to "full value assessment" property tax basis. While they
capped the year-to-year increase in assessed value, they did NOT reduce the
mil rate or cap the total increase. Therefore, property taxes skyrocketed;
mine have almost tripled.