My (Ohio) taxes were recently reassessed using current market value rather than what we originally paid, because the real estate prices had risen so much. It is no different than "unrealized capital gains." I think if they are going to force you to pay property tax, it should not be assessed for more than it was when you purchased it and can only be adjusted downward. (Edit: to be clear, I'm all for abolishing it).
My (Ohio) taxes were recently reassessed using current market value rather than what we originally paid, because the real estate prices had risen so much. It is no different than "unrealized capital gains." I think if they are going to force you to pay property tax, it should not be assessed for more than it was when you purchased it and can only be adjusted downward. (Edit: to be clear, I'm all for abolishing it).