If property values go up 5x, shouldn't the mill rate go down 5x, leaving property taxes the same? It's not like these towns have 5x more libraries, 5x more police officers, 5x more roads, etc. The level and number of services in the town isn't changing. It has the same number of street lights, and they all consume the same amount of electricity, and so forth.
In my state they leave the mills the same, then apply a common leveling ratio at the county level to try to equalize the property value and cost of living compared to other parts of the state. It's better than nothing.
