The imposition of a property tax is the exercise of power without moral limits even whilst citizens are already taxed unnecessarily on their income, spending and by inflation due to the Central Bank's exponential expansion of the money supply. Even more infuriating is the fact that most tax resources are inefficiently squandered or syphoned to the politically connected.
Do consider that the right to property is a right that emanates from the right to life itself, which ensures the accumulation of the fruits of one's labour and its protection from confiscation. This is a premise society is based on; as it establishes a system by which hard work and service to society can be rewarded. Being able to accumulate property also encourages differed gratification, savings and frugality -qualities that benefit the society at large.
Though this property tax philosophy may appear benign it presupposes the entitlement of third parties to other people's assets and resources. Thereby sending the wrong signal to society:
Not only is the prospect of a property tax morally reprehensible its also terrible economic policy. It would raise the cost of home ownership and rentals, further pricing out the most vulnerable with regard to housing needs. It would only serve to increase the cost of living that mainly affects the poor while at the same time putting a damper on the construction industry.