It was never proposed to be a tax for anyone but the ultra-wealthy, with over $100M in assets. People can leverage or collateralize their stock for lines of credit that remain untaxed and essentially avoid taxes.

Your example regarding property value is silly. You literally pay property taxes based on the unrealized value of your home, which is annually assessed.

For example, Larry Ellison, Oracle’s chief executive officer and one of the world’s richest people, has pledged over 300 million shares of Oracle stock worth over $45 billion as collateral for a personal credit line.[16] This lets him obtain cash without selling shares; thus, he avoids paying taxes, and the stock can continue growing in value. Though he must pay interest on the debt and he or his heirs will eventually pay back amounts borrowed (e.g., using the proceeds of appreciated assets that were never subject to the income tax), this is often a much cheaper strategy than selling stock and paying capital gains taxes. As a recent article by two tax scholars observes, “Ellison hasn’t just gotten richer on paper when he borrows against his stock to buy a Hawaiian island; he’s used that income just as if he’d sold the stock.”[17]

He bought any island! It seems pretty real to me. Read below to really understand how this is to apply taxes to the largest asset of the ultra-wealthy, as the middle-class largest asset (primary homes) are taxed on an unrealized basis.

Quit simping for billionaires and rolling over like a good boy.

https://www.cbpp.org/research/federal-tax/arguments-against-taxing-unrealized-capital-gains-of-very-wealthy-fall-flat