Lol - Prop 13 was only lucrative when inflation was 10%/year. Now 2%/year limit is general CPI rate and equivalent to Prop 13 limit, so there’s no real advantage. So you’ll still be paying 2x the prop tax amount in Bay Area as if you lived someplace that’s warm, with low traffic, and low COL.
Example: $1M purchase in Bay Area today is $10K prop tax. In 20 years you will be paying $15K/year in prop tax. Virtually every low COL state in the country you’ll be paying less than $15K/year in prop tax.
Your example doesnt make sense. If history continues your 1m house will be worth 10m and you will be paying tax on it as if it were worth a fraction of that. My first sf house was less than 200k and probably worth 3 to 3.5 today but taxes valuation is less than 500k. Prop 13 ftw.
Except that it’s extremely unlikely that prices will continue to grow faster than inflation given you don’t have the tailwind of lower interest rates decreasing from 20% to 3%. So yes for people who bought up until about 2000, but not since then.