It's a bit of a two edged sword. Property values in our area (Sonoma County, CA) have skyrocketed over past couple of decades. My wife and I have owned our current home for almost 20 years, and our property taxes are one-fourth what some of our recently arrived neighbors pay. Prior to the passage of Prop. 13, our property value would have been reassessed regularly and we would be paying the same as our neighbors. However, with Prop. 13, as long as we stay put, our property taxes can only rise 2% per year (assuming that voters don't approve any special parcel taxes that are additional to the base tax). We planned for this. We want to retire in this home, and knowing our property taxes won't increase substantially is of great benefit.
Prior to Prop. 13, there were many cases of retirees on fixed incomes being priced out of their homes because of reassessed property values. The politicians refused to address the issue, and so the public enacted Prop. 13, which has now become sacrosanct.