That's fairly exagerated. It means the recent buyer paid 1.5M for the same house the older buyer paid well under 30K (since their tax has been increasing 2% every year since then).
It might be true somewhere, but finding a house worth well under 30K in 1978 (start of prop 13) and 1.5M today, isn't that common.
My neighborhood is 25 years old and the largest real spread between property taxes is ~2x, very far away from the 50x of your example.
That's fairly exagerated. It means the recent buyer paid 1.5M for the same house the older buyer paid well under 30K (since their tax has been increasing 2% every year since then).
It might be true somewhere, but finding a house worth well under 30K in 1978 (start of prop 13) and 1.5M today, isn't that common.
My neighborhood is 25 years old and the largest real spread between property taxes is ~2x, very far away from the 50x of your example.