Think about what the investment company’s tax rate would look like. They’d be bankrupt instantly. They’d have to pay 10M/year in taxes to maintain ownership of $10M in property.

Eh, probably paid like 25k for a house that’s worth 500k now or something. Really what we need to do is make property taxes scale more aggressively, so it isn’t economical to hoard more resources than you can actually use. Maybe something like annual tax owed = (value of all real estate owned by one person)^2/10,000,000. Perhaps with a grace period for new construction/renovations.

As for appraisal, let people declare what their property is worth, and force them to sell if someone offers 20% more than their claimed value.