Property tax shouldn’t be going up with this tbh. If everyone’s housing and land is becoming more expensive, then you need to tax smaller %s to get the same budget.
To me this sounds like your city/state is just ballooning their budgets.
You don't need the same budget. You have to pay employees more to keep up with the rising cost of housing and land (or they all quit), so the budget has to go up too.
And... Look at California's prop 13 for what happens when property taxes can't rise with the market. People just keep their homes forever because they don't want to sell and buy a new place where the tax rate will ratchet up from the sale. We have multi-million dollar homes that are taxed as if they were $50,000 homes, starving the local area's schools and infrastructure of funding.
The local governments and school districts are hardly starving. School spending per student in California is above the national average. Property taxes aren't the only source of government revenue: we also have income tax, sales tax, and a wide range of other fees.
Proposition 13 did cause some distortions and needs reform. But it has at least been effective in stopping the former unchecked growth in local government spending and limiting the corrosive effect of public employee unions.
To me this sounds like your city/state is just ballooning their budgets.