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You mean property tax? Because almost every state already ups your taxes if your value goes up. In TX they reassess every year. In CA they had to pass a law to STOP doing it (now it only goes up by a flat rate every year if I remember correctly), but that has led to new loopholes to avoid tax.
But I do see your point. For normal people, their main or only asset is their house. They need to live there and aren't necessarily getting 10% pay raises when their value goes up 20%. If my house were taxed at its current value, I don't think I could afford to live there since I don't own it outright.
The big issue is that banks give out very low interest loans based on assets that have unrealized gains. Those loans are used as income by wealthy people but aren't taxed by the government. They are "taxed" by the banks getting some money in interest, but the government sees none of that and it's at a much lower rate than capital gains.
Ok so tax loans on unrealized assets as income then
That is one way to do it. That would have to include real estate, though, unless you put in a homestead exemption to protect normal people.
Property tax is a different matter entirely, that is an assessment from the local government that is based on the property value, to pay for local services. It has nothing to do with the property as an investment. Local governments don't have to find themselves through property taxes, but many do.
God we need to simplify the fuck out of taxes, because my first thought was "those are pretty much the same thing" and then my second thought was "no wait, those have a fundamental difference."