It might be easier, politically, to add carve-outs.
Not your primary residence? Assessed value rises with CPI. Renting it out? Assessed value increases capped to e.g. 5% per year. Businesses with more than X in revenues or Y in employees? No price protection. Home value more than Z? No price protection. Et cetera.
You'd need a CPA to figure out your annual property tax, and the exemptions would make tax evasion much easier.
If you own a a second residence, are a landlord, are a large business or own an ultra-high value home, you probably need a CPA (or would be fine with this level of mechanical complexity).
Yes, complexity makes evasion easier. But that still beats the status quo where everyone is underpaying. Given how concentrated homeownership is in California, at least by value, it wouldn't be difficult to prioritise prosecution to yield a good bang for buck.