I'm a firm believer in incremental changes and experiments which is of course hopelessly politically naive.
Your naïveté is not the problem, but rather partisanship means we can’t have nice things.
Muslims have an obligatory charity called Zakat, 2.5% of your standing wealth (if you meet the threshold) directly goes to the poor. This includes what is in your bank account, savings, stocks and shares or investments you intend to sell.
It becomes not dissimilar to the "Window tax" (not the bill gates kind) https://en.wikipedia.org/wiki/Window_tax - a form of daylight robbery where people brick up windows of their houses.
Note that in practice income is also quite complicated to pin down in tax law.
Many people that live in locations with property tax would very happily sell their property at the "assessed" value rather than sell on the open market for a fraction of that price.
Obviously that is before we get into the various ways to obscure ownership of trivial things like planes and yachts that is already done for various reasons.
Citation needed. Assessed values are generally lower than market value. Furthermore, there's a growing set of data which suggests that, in many places, lower-value houses are assessed at a higher percentage of their market value than higher-value houses[0] -- that is, assessments are regressive.
Vermont Supreme Court Reaffirms Rule that Sale Price Is Not Necessarily Conclusive in Determining Property’s Fair Market Value
The appellant, Gabriel Martinez, purchased a single-family dwelling built in 2000 for $350,000 on May 5, 2017. The previous owner had purchased it for $252,000 five months earlier when its assessed value was $433,000. A 2017 town-wide reappraisal – which took place while the appellant’s purchase was pending – set the property’s grand list value at $483,400.