The problem with Prop 13 is not about its effect on tax revenue.

Prop 13 is no different from rent control. It distorts the market and limits supply.

If a property owner can't afford the tax on their land, it means the land is under-utilized. SFHs should be replaced by townhomes which should be replaced by multi-family buildings and so on. That doesn't happen because people who bought a house 50 years ago for a few beads and pieces of gum don't have this market signal in the form of a higher property tax bill.