Proposition 30 raises taxes on everyone, landed and landless. That's fair. Nevertheless, the only part of Proposition 13 that should be revisited is the two-thirds vote requirement to legislate taxes. The 1% cap on the purchase price must be left alone.
In California, property changes hands so often that there is no shortage of revenue. To go back to the days of levying taxes based on current market value would increase costs of administration and would be unfair to those who don't flip houses for sport. Proposition 8 (the 1978 one, not the same-sex marriage one), which allows property owners to appeal valuations, has created a cumbersome process and, in essence, contradicts Proposition 13. Appeals for reduction of taxes because property values have gone down should be abolished, and property owners should be required to pay 1% of the purchase price.
As for the vote requirement, that's another matter.