Strange, around here property taxes are allocated based on proportional value, true, but the total amount collected is set by the township budget.
So if they collected $10m last year, and will collect $10.1m this year, it doesn't matter if the houses have tripled in value, you'll pay roughly the same dollar amount.
This is how they work pretty much anywhere; the locality aims to collect a certain amount in total taxes, and sets a per-$1000 tax rate based on the total value of all taxable property in their jurisdiction.
People think doubling house value doubles property tax, but the bill could go down if double is less than the average increase for the area.
