Property taxes are not wealth taxes in most locales. If it was then the tax on your house would only apply to the difference between your asset value and mortgage principal (liability). I can't think of any locale that lets you deduct your mortgage principal from your property tax bill.

Property taxes are a common type of use tax.

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.

One massive difference: Property taxes are state and local taxes, which are not barred by the Constitution in the way that federal property/wealth taxes very likely are (absent an amendment, of course).

(There is debate on this point; I personally find the side arguing that such a tax would not be barred as needing to use fairly tortured lines of reasoning to arrive at their conclusion.) If you can’t pass a wealth tax federally, then whatever state wanted to compete on having a low/zero wealth tax would find plenty of wealthy takers as residents.

Stocks /and/ houses?

How does stock have utility anything like housing?

If you are seeking to become a residential home owner (occupied primary residence) then the utility of the real estate is quite different as you note.

If you are purely an investor then the utility of equities vs. real estate is the same -- it is an investment.

If an operating business has utility, then owning a fraction of that operating business has utility.