I live in So. California and the prices of homes are so high right now. The homes on my block are around 1,400 sq. feet with a very small yard and they are going for around $450,000 on up. These homes were built in 1972. Even the condo we sold in 1992 for $112.00 is now going for over $350,000. Our property tax is based on how much you paid for your home. It is something like 1.2% of the price you paid, and they can only increase it a little each year. So if I have lived here awhile and paid $150,000 for my home and my neighbor just bought a home just like mine for $450,000 I would pay a lot less on my property taxes. I don't know how anyone can afford to buy a house here any more. I'm afraid all my kids will have to move out of state to ever afford a home. Even condo's are just to high.