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It means you'll start paying a little more tax as value acculates in your property holding. The goal is, yes, long term property holders will pay more tax the longer they hold the land. More importantly, it'll hit landlords super hard and first time home buyers barely even a little. The goal is to tax people based on their ability to pay, and to avoid creating permanent classes where all the value created by the workers goes up the chain to the wealthy.
All you would end up doing is creating a new business for accountants to devalue someone's holdings. I assume that you are saying that the wealth will be the value of the asset less any loan against the property, because that's the only way a first-time home buyer would be taxed nearly nothing. Why wouldn't the wealthy simply take loans against their assets thereby devaluing them for the purposes of a wealth calculation? The same way that they borrow against their stock portfolio.