I agree that the cause and effect is backwards, but for a different reason. High property values lead to lower property tax rates (but not necessarily dollar amounts). The total property tax is largely set by how much money is needed to provide services to a place, which is mostly independent of property values (though I guess stuff like building schools is more expensive if it costs more to buy the land). NYC also has a city income tax further lowering the amount of money that needs to be raised.