Some friends of ours in West Vancouver paid over $1K a month in property taxes. They were retired and had lived in the house for 30 years and the escalating tax bill forced them to move. True that their modest bungalow was worth $2M at the end of the day (it wasn't expensive when they bought it), so they could move easily, but they would have preferred to stay. If you're not willing to break into the equity of your home, tax bills based on market values can be a killer...
This is why I would prefer a system where the property tax is based on one's purchase price for the house. Then there can be a big capital (equity) gain tax for when the house gets sold. The idea would be to change the current system in a revenue-neutral way so that people are not taxed out of their homes just because they happen to live there a long time and the neighbourhood takes off.
No. Property taxes should be based on the services your property uses. Big house and or more people more tax for things like roads, sewage, sidewalks garbage etc.. Then a tax for local improvements, ideally put to a vote for all the goodies that people like in their communities. And then the major services provided wholly or partly by the municipality like policing, schools, fire etc. All laid out as separate charges on the tax bill and increased as required to provide those services and pay the people who actually do the work. Then the purchase price of the house and the future value would be less important.
Now, no scheme is perfect and if someone lived in an area where the residensts continually voted for more services from the municipality they'd end up paying higher taxes.
Note that services that are not under full or partial control of the municipality should not be on property tax. Welfare in all its guises being the prime example; those should be paid for from graduated income taxes collected by a senior government.