My heart breaks for those poor people whose houses became worth multiple times what they paid for them. A true tragedy. I would be devastated if my house became so valuable that the property taxes were more than I could afford.
Even if we don't enact Prop-13-like things to keep property taxes reasonable I'm sure we could get a compromise where your property tax remains stable as long as you deed the appreciation over baseline to the city/county.
Win/win, right?