I understand what you're saying. But I don't understand why the tax needs to be based on value minus mortgage balance to be considered a wealth tax. You get use

I understand what you're saying. But I don't understand why the tax needs to be based on value minus mortgage balance to be considered a wealth tax. You get use of the entire asset even if you still owe the bank money. And the tax goes up (or down) with the assessed value of the property.