I disagree with your recommendation as it defies the principles upon which the US Constitution was founded. The rights to property were mentioned specifically five times in the US Constitution in reflection of the rights of Englishmen of the Glorious Revolution in 1688. Aristotle had it right. So did Madison.
Madison said that anyone who takes your property does not respect your ideas.
Let the buyers beware. People aren't stupid and don't need government to totally mess it up for them at exorbitant costs. Which is pretty much all that government does well, except for defense.
I wasn't making a recomedation at all. I was stating a force that that disallows a real estate crash. Do not take me in an improper light on this subject, I think Property tax is downright Communist. In effect we can never own our land at all.
My grandfather paid many times over in property tax what he paid for his farm to begin with. I wasn't trying to say I approve of property tax at all.
I was trying to point out that property tax, as it stands today, will disallow any rapid deflation of value in real estate. If property value was to crash then so would property tax intake. That ain't ever gonna happen. The market may get ahead of itself and it may even correct itself downward when it does, but it won't be a dot com type burst.