Add new bands for higher value properties.

Reduce payments for everyone in the existing bands, and hike the payments dramatically for the new, higher value bands.

As with income tax, have the most wealthy paying the majority of the tax.

This is a slightly less crude version of the 'Mansion Tax' Labour and Lib Dems have previously proposed.

If you own a £5m property which is appreciating even at an extremely conservative 2% pa (£100k), you should be paying a lot more than £2k pa in tax.