Comment by sbuttgereit

This doesn't sound like it's the same thing as what happens in California.

> second year of home ownership as they adjust to meet the sales price.

This sounds like the reassessment is triggered when a nearby sale or comparable happens. In California, the triggering event is the sale of the property itself only. So, for the entire time you own the property in California, the Prop 13 rules limit the allowed assessment to increase only up to 2% annually, assuming that the increase is supported by market price increases. Again, this isn't exactly precise legal reading, but is enough for the gist. There are limits to things like total taxation relative to market value and certain ways local governments can (in practice) tax property in excess of the limits. But the idea is to prevent an owner seeing sudden increases of 300% anytime after the initial sale.

Now when you sell your property, the new owner will face the fully assessed market value of the property for property taxes. So the new buyer could face 100's of percent taxation differences compared to what you're paying.