I don’t think anyone is objecting to California levying property tax on property in California, similar to the Roman property tax. (Property taxes are a form of wealth tax indeed, but when someone proposes a “wealth tax” today, they probably specifically do not mean a tax based on property value, but rather on net wealth.)

Taxes on net wealth and particularly net wealth held outside California by non-residents of California represent a material different case in my mind and one which I’d hope would not be found constitutional.