The problem with trying to use taxes to punish what's seen as bad behavior is that it can punish people who aren't behaving badly. If the owners of the derelict property can currently afford their property taxes, they can probably still afford it after it's raised. But others who actively use their property and perhaps aren't as rich could face losing what's theirs.

If you want to talk about using the law to prevent situations like this, then it needs to be a law unto itself rather than something incorporated into the tax code.