Property tax seems to me like the most fair of all taxes as the greatest value provided by the state is the enforcement of private property and ownership.
a land tax is not recoup-able via higher rent. If the rent could be raised, the landlord has no reason not to raise it, so it makes sense that the rent is the maximum the market bears.
> Shareholders and gold hoarders pay too
they don't pay a % tax of the value of their holdings as tax annually. They pay only after they sell, and make a capital gains.