Strong correlation, but not exclusively. Plenty of areas regularly vote for bond measures paid by increases in property taxes. So you can get increases of BOTH rate and value.
I don’t know what the alternative is, unless we find a completely different funding scheme. While I do feel for seniors who get priced out of their homes, that feeling it mitigated somewhat knowing they are in that situation because they are sitting on a large asset. If we want to treat housing as an “investment” we have to take the good with the bad.
