[dahwolf]

I'm honestly shocked at how high property tax in the US is.

I'm from the Netherlands, where property tax is based on the municipality. A 400K home where I live amounts to 423€ in yearly property tax. Rate increases over time are capped. And there's many ways to protest against the market value the taxation is based on.

I suppose the basis for this relatively low taxation is that a huge amount of home owners here have a relatively valuable home (even the simplest of homes is expensive) whilst having a fairly moderate to low income.

If property tax would be 10x as your example suggests, I'd suspect 75% would go bankrupt.