In theory, yes.
In practice, if you own a currently 4+ million dollar home built in the 50&#x27;s, you are paying at least 15-20k on it anyway.<p>Here&#x27;s an example currently for sale:<a href="https:&#x2F;&#x2F;www.redfin.com&#x2F;CA&#x2F;Los-Altos-Hills&#x2F;27446-Black-Mountain-Rd-94022&#x2F;home&#x2F;1772683" rel="nofollow">https:&#x2F;&#x2F;www.redfin.com&#x2F;CA&#x2F;Los-Altos-Hills&#x2F;27446-Black-Mounta...</a><p>They are paying 18.2k.<p>If it was reassessed today, they&#x27;d be paying 40-45k.<p>If they do what most people who have lived in a home forever do, and are downsizing to something smaller (IE kids grew up, whatever), they will likely end up with either the same or less in taxes they pay now.<p>So it&#x27;s not like right now they pay <i>nothing</i>, and they&#x27;d pay <i>a ton</i>, it&#x27;s &quot;they pay a lot, they&#x27;d pay more&quot;.