Where I live, the only time my property tax rises is when the budget is increased. (Unfortunately, the budget keeps on increasing, because city council keeps having bigger and bigger dreams. Oh, yay, I’m so glad we’re dropping $50M on another sports centre I’ll never use. Better upgrade the pool while we’re at it, it’s been an entire decade since we last spent a fortune on it!)
I would argue yes. Not because there's more wealth, but because it means that a greater percentage of the existing wealth is going to the largest 1%.
Then your future salaries are also real assets, and should be counted for your net worth. The same argument applies, you can take out loans against your future earnings and spend it, so it is a part of your current net worth, right?
You say that maybe you get into an accident so you can't work? Same logic applies to stocks, something might happen and nobody wants to pay for them anymore rendering them useless.
So to make the comparison fair you have to be consistent. Either future earnings are assets, or they aren't, otherwise the comparison isn't meaningful.
Note, life could become worse for almost everyone, while real wealth is created. I would argue that's pretty much what is happening. It doesn't mean real resources weren't created or extracted and someone owns those things.
The idea of altering these figures to account for happiness or quality of life is a fallacy in my opinion. GDP should be measured the way it is. Decmocracies need to figure out their own definitions of "happiness" or whatever you want to call it and optimize for those parameters. But there is no combined measure that covers both.
Asset values swing most wildly on the basis of the risk free rate, which is where most of the new "wealth" created since 2020 has come from (ZIRP, QE etc). It is somewhat illusory in that low rates must be sustainable to support elevated valuations. Obviously we're seeing the other side of that with rates having risen due to inflationary pressures.
e.g. look at how much "wealth" Japan had in the 1980's before their economy imploded. The imperial palace was perceived to be worth more than all of California, something like that.