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The real answer is that the efficient thing for someone who does not value his property as much as the market does, is to sell, and buy one he values more for the same price.

Yeah I agree, but it's also a way for force someone to move which is definitely offensive to liberty.

I think that the property tax assessment should be locked in on purchase of a property with a maximum increase of maybe 1% a year. I think this is how California does it.

This allows people that have owned their homes for long periods of time to keep them even when a new development springs up next door and raises the property values.

If the local government needs more money to operate then they can raise the sales tax or actually find a way to cut the budget. Seriously, how many local police forces really need a SWAT team?

Property rights are central to living in a free society and unencumbered property tax abuses makes property owners into mere renters.

I think that the property tax assessment should be locked in on purchase of a property with a maximum increase of maybe 1% a year. I think this is how California does it.

This allows people that have owned their homes for long periods of time to keep them even when a new development springs up next door and raises the property values.

Sounds good, but I think it might not work unless eminent domain abuse is reined in. That property tax "hole" in the midst of high-revenue subdivisions is a ripe target for "economic development".