What you are referring to is Proposition 8 that allows you to file for temporary reassessment of your property.
Anyone who bought after 2004 should file for reassessment. It’s a simple process and anyone can do it themselves. I did it in 1990s and received a reduction in property taxes. But when values go back up, you’ll be back at an assessment of purchase price + 2% compounded annually.
Property tax wise, it’s best to buy at the through and hold on to your property forever.
