I would disagree with Gary Gerard's assessment that property tax caps are a bad idea. Gary's take on the issue was from the perspective of local government's fiscal picture. I suggest that the issue is more squarely discussed from the view of property owners.
Property taxes are in fact a lien against privately owned property. Property taxes are both regressive and anti-family. Our system of private enterprise is founded upon property ownership. When a person retires, the property tax puts the preservation of a family-owned dwelling at risk because income is typically reduced during the retirement years. Yet property taxes are not diminished for retired people, and for many people become unmanageable.
It is the wish of most people to preserve their family home, and it is in fact part of a family's heritage. A family's home may be the only asset in many people's estate when they die. To a son or daughter, a paid-for home represents a big help in meeting the cost of living in today's world, especially in the face of uncertain employment prospects in our day.
The property does not belong to the government because the property owner paid for it-it belongs to a private party, not the government. Private property should not ordinarily be subject to government confiscation, unless the person defaults on their payments for the property of course. But the property tax is a threat to permanent ownership of private property. I would even suggest that the property tax promulgates covetousness. Read the sheriff's notices for sales of homes and you will get the idea. The property tax proves that you never, no never, really own your property outright.
If property taxes were limited to being collected for only 20 years on a given primary personal residence, as suggested by Thomas Jefferson, then one could at least look forward to owning and keeping the home that they labored for years to own and enjoy.
Income and sales taxes are a more equitable form of tax revenue for government because these taxes do by their nature not impact limited income homeowners like retirees. If one earns more, they pay more in taxes, it's that simple.
