One problem with property taxes is that they do not capture the ability (or inability) of the property to generate income - basically, whether and to what extent it is capital.

We also do have taxes on income produced by capital - that's capital gains - but, as the article points out, we tax them significantly lower than regular sweat-of-the-brow income, and offer more loopholes. In effect, our economic system incentivizes rent-seeking over labor.