Welcome to Texas! Of course, the increases are *only* limited to 10% per year. So, even if property values go flat for a while after spiking for several years, Texans will still see increases in their yearly property taxes until their county's "appraised" value catches up to the actual worth of the property.
Personally, we will see the maximum 10% increase for 2021 (of course, Texas won't tell us this until late in the year - stupid ass system). Our property's value is up roughly 45% over what we paid for it in mid-2019.
So, even if the selling prices flatten out for the next four years, we should expect to see 10% yearly increases in our property tax bills those four years.
In Australia, state level property taxes are only just now beginning to appear in some states to replace stamp duties that currently apply to the sale of property.
Local governments (think city or county level government) is responsible for local roads, water, sewerage, parks, dog catchers, and land development approvals. To pay for it local councils will charge fees for services and a ‘rate’ (think land tax) based on the assessed unimproved value of your land subject to caps placed on it by the state governments.
A quick search for an example rate came up with one from the Blue Mountains City Council (the ‘mountainous’ region west of Sydney) where the rate for residential homes is 0.00526891 x unimproved land value.
I think you misunderstood me. Property are based on the budget of the town/city and they can only collect enough to fund budget. If a budget with increases is passed then your taxes go up enough to fund the increase even though the value of your home may decrease for some reason.