I was covering the Massachusetts Legislature in the mid 1980's after "Proposition 2 1/2" passed by the voters. The law limited the annual real estate tax levy to no more than the prior year levy limit. The levy limit could be increased as a result of new construction and/or by an override by town meeting. The passage in 1980 resulted in layoffs in teaching ranks and other public employment in some communities. Tax policy is a complicated issue, and you're correct, the wealthier you are, the more likely you can structure your fiscal allotments to limit impact. Massachusetts is a so-called high tax state, with state income, sales, excise and other revenue streams. It has experienced a negative outflow of younger residents to avoid the extremely high costs of housing.