[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?