[dragonwriter]

> can you give an example of taxable assets?

Real property in most US jurisdictions; cars in several US jurisdictions (though this is sometimes obscured.by opaque terminology; e.g., California has “registration fees” that are, in effect, an ad valorem asset tax on automobiles); net personal wealth in several international jurisdictions.

> the realisation requirement is the fundamental rule of the IRS

That's income taxes (on gains), not property/asset taxes (on value).

One is a flow tax, the other a stock tax.

[NoRagrets]

Exactly. There is a realization requirement for tax on value of asset class like property especially if it’s primary residence.

Registration fees is akin to use tax.

Seizure of agency over assets and dissolution of property rights is what happens in communist regimes and dictatorships.

[dragonwriter]

> There is a realization requirement for tax on value of asset class like property

No, there isn't.

Realization is what the IRS uses as the taxable income event for taxes on capital income (gains).

It is not, in any of the US jurisdictions that tax assets (real property or otherwise) a requirement for taxes on asset value, and doesn't begin to make sense for such taxes (one purpose for which, in some theories of tax on “hard” assets like real property, is motivating sale of idle assets to those who will productively employ them.)

[jelliclesfarm]

so are you proposing a new class of asset tax? tax on unrealised gains on immoveable capital assets?

if it already exists, can you quote a case law?