I haven't researched national stats, but from the experience of having lived in two states, one blue and one red in case that's important to a counter-argument, both limited property tax to 3% annual growth, even if the valuation is higher, preventing that exact scenario. It only jumped to tax on the correct valuation when the property exchanges owners.
Sure this doesn't prevent issues if someone is stuck on savings/Social Security, etc., but it prevent surprises, such as a boom in your area causing sudden explosion of equity and taxes due.
The cap required it be your residency, i.e. you aren't renting it out and you are a citizen.
3% yearly compounds to doubling the value in 24 years.
So even with the cap, it's more than likely the property tax costs a typical owner more than double what it did 30y ago.
Not a big deal if you bought at age 20 (unlikely) and still receive some work income. But if you are retired, it stings harder each year.
Again I can't speak for every principality across the board, but for the places I have lived, it seemed very fair. Regarding your concern, I might have been unclear, but when I said "limited property tax to 3% annual growth", I meant it can be lower, but doesn't exceed 3%. It adjusts with inflation unless inflation is over 3%, so no matter what, the owner is winning if it is their primary residence, with the caveats I previously mentioned.
Inflation adjusted though it is like a 10% increase.