Property Taxes Encourage Gentrification
Property taxes are often used by municipal governments to raise funds for the services they've monopolized. These services include paychecks for municipal employees, which often includes the very people who voted to implement the current property tax rates.
Because property taxes are used to fund municipal services they're also a popular topic for political do-gooders. Whenever a perceived blight on the city arises; whether it be homelessness, crime, or environmental issues; the do-gooders demand the property taxes be raised to fund programs to alleviate the blight. Oftentimes these do-gooders are also the same people who complain about gentrification. As politics tends to do, this creates a vicious cycle that leads people to be at odds with themselves.
The very property taxes that fund municipal services are also an incentive for municipal governments to gentrify entire neighborhoods. Gentrification, after all, leads to an increase in property taxes since older, lower-valued properties are replaced with newer, higher-valued properties. Together a few home built in the 1940s tend to have a much lower property value than a single high-density apartment complex. Since property taxes are almost always tied to the value of a property a municipal government can make more money off of the high-density apartment complex than the old homes.
As the number of municipal services increases the number of city employees also increases. That means a larger and larger block of municipal voters are dependent on the rate of property taxes. Furthermore, municipal employees, like every other kind of employee, want to see their pay increase over time. Since politicians tend to want to stay in office instead of finding meaningful employment they have a vested interest in pandering to the majority of voters. How can members of a city council promise municipal employees that their jobs won't go away and that they'll get their desired raises? By raising property taxes, of course. As an added benefit the increase in property taxes allows the members of the city council to increase their pay as well.
I'm sure you can see the vicious cycle that forms from this. Wanting to increase the amount of money brought in by property taxes, the municipal governments continue to implement programs that encourage lower-valued property be replaced by higher-valued properties. As these programs fulfill their intended goal the number of properties affordable by poorer individuals continues to decrease. In effect property taxes, instead of being a form of relief for the poor, create a cycle that incentivizes municipal governments to push the poor out of the city.