tl;dr: Several US states have recently slashed property taxes on owner-occupied homes, shifting the burden onto commercial property, state funds, and sales/income taxes—effectively converting a local service-financing tool into redistributive taxation. Homeowners, despite seeing major post-COVID wealth gains, are driving this backlash because property taxes function as wealth taxes requiring cash from asset-rich, income-poor owners (especially older voters). The ironic result: lower property taxes will push home prices even higher, further enriching current owners while worsening affordability for future buyers and weakening local government funding for schools and police.