What are the pros and cons of California's Proposition 13? Which outweighs?

This is what I currently understand of the proposition:

Pros:

*Limited uncontrolled property taxes to 1% of the property value which could only increase a maximum of 2% each year.
*Allows senior citizens that are living on their savings, social security, pension, etc. to continue living in their homes that they bought many years ago.
* Attracted many businesses to the state which generates much needed sales tax revenue.
*Forced governments to evaluate their budgets more carefully to prevent overspending and wasting of valuable funds.


Cons:

*Unequal property taxes in many cities. Neighbors may be paying significantly more or less than you are for property that is valued at around the same prices.
*Less funding for local public services such as police, fire, and schools.

What would happen to property tax values if Proposition 13 was not passed?

Property tax is just a way of govenment to say that you don't really own the land. You are exclusively leasing it at a very low yearly rent. A strong pro for prop 13 is that it sent a clear message to the CA government that it was citizens, not politicians, who were the ultimate deciders of government policy. Prop 13 showed both governments and people what could be accomplished when the people take charge of their own governmental system.

Cons: If you believe in pure, private ownership of land, then any form of property tax should amount to a grievance with the government. Furthermore, property tax is linked to funding for school districts located in the area in which the property tax was collected. It doesn't have to be that way, and it is somewhat arbitrary. Therefore, low property taxes in a low-value real estate area adds up to less money for impoverished school districts. When property tax was limited by Prop 13, it should have also been divorced from school funding.