Earlier quoted context omitted.
I think you're talking about this in pretty black/white terms and the partisan framing doesn't do much. Prop 13 is a double edged sword IMO. It does have the problem you describe of landed gentry not getting hit with high property taxes, but also it does protect middle class people from getting kicked out of their homes due to the popularity of the area they live in. My parents are the perfect example of this, my dad…
If property taxes were level across properties, wouldn't we likely see property values drop, given the presumed higher taxes in the future? I'd rather see us adopt lower but uniform property tax rates that are revenue-neutral with Prop 13 rates. Of course I'm only an aspiring property owner so I have a significant bias here.
Yes. Prop 13 is priced in to the market. Buyers are willing to bid higher because they expect that tax cut.