That seems fair to me because it results in a tax based on how much the property is worth to you specifically. The "value" may be inflated from real market value, but as long as that is true for everyone it doesn't matter.

Also if it's too much of a burden to value all these assets, you can list them publicly and let people bid. If you expect the government to protect your ownership rights, I think it's not too much to ask that you list your major assets.