As a 5th generation Californian this is the thing I see in my life. My parent's have a house that has become really expensive (to be fair it was always nice) and they pay a lot less property tax than I do on my more modest California home. That crazy low tax rate is ultimately transferable to one of us, even if we move. Me or my sister will inherit the ability to own $x amount of real estate and pay $y worth in property taxes.

Insanity.