The rapid rise in home cost would decrease if the local annual taxes reflected the inflated home value and not  based on the present formula which I understand  limits the increase to the cost of living for homes in the area.
This formula should remain for existing home owners which is fair but why do new buyers who can come up with the new inflated outrageous prices benefit from the low taxes while municipalities cannot keep up with rising expenses.
A doubling of local taxes would also decrease the buyers affordability, their ability to get financing and reduce or eliminate rising prices.