That's interesting. It seems like it runs the risk of making a long-held house extremely hard (or money-losing) to sell. If a $1M property has $900K in deferred property taxes against it (which would be possible to accrue in a 50+-year timespan). That house would never get sold, because the holding costs are based on 1970's tax rates (maybe with some annual escalator), so I can hold a $1M house for $5K/year and keep adding $20K/yr to the deferred balance or I can give up the house and put $60K in a real estate agent's pocket, $900K in the city's pocket, and $40K in my own pocket. I'm never doing that.
