To be fair though, we do have property taxes, and many middle-class families have a substantial fraction of their net worth tied up in their house and other real property.
Median American net worth is $121k. Median home price is $380k. Typical real property taxes are .5% - 2%. Call it 1% and that makes the typical wealth tax on middle-class people roughly 3% per year.
>60% of homeowners are in debt on their house, though.
So they are getting appreciation on leverage.
I would argue the median homeowner is being subsidized, having a negative wealth tax.
The local government takes away 1%, but the Federal government pumps up your asset price by >2% - that's a -1% wealth tax (paid entirely through inflation by non-homeowners).
Yes, there are many exemptions in tax policy for real estate. We exempt the first $500k of gains from income taxes, for example. And our whole society is structured around "building equity" i.e. making housing cost more.