Sire: most every single state already has
1. Wealth Tax (usually called a personal property tax, not just a tax on 'real estate'.)
2. Unrealized capital gains tax - also known as a 'property tax' - based upon the CURRENT unrealized increase in 'property value'. Ie. it's high cuz we sez it's high value - don't matter whats ya actually paid for it.
Texas does both - Californicate, New Yawk, Ohio, Taxachewzits, New Humpshire, etc, etc, etc.

Finally, brethren, whatsoever things are true, whatsoever things are honest, whatsoever things are just, whatsoever things are pure, whatsoever things are lovely, whatsoever things are of good ...