John H. Bowman (Department of Economics, Virginia Commonwealth University) has published Property Tax Policy Responses to Rapidly Rising Home Values: District of Columbia, Maryland, and Virginia, 59 Nat’l Tax J. 717 (2006).  Here is the abstract:

After presenting information on the level and role of property taxation in the District of Columbia, Maryland, and Virginia, possible policies for rising property taxes due to rapidly rising home values are identified and briefly evaluated. Next, specific property tax relief measures in the District of Columbia, Maryland, and Virginia—including Washington suburbs’ local–option measures—are described. The effectiveness of the approaches in dealing with rising home values and their implications for property tax equity are considered. The appropriateness of relief for all homeownersexperiencing rapid increases in home values is questioned and alternatives are suggested.