Classically [0], land taxes aren't on the value of the house, but of the land underneath. But, let's say that both the house and the land underneath get taxed, as is currently done. As a middle class homeowner, my total property tax bill is a small fraction of my income tax bill.
Let's say the US collects 6 Trillion/ year in all taxes [I'm probably off by some percent, but not too much for an internet comment.] Let's say there are about 1.5 Billion acres of taxable land in the US (Reverse engineered from "The federal government owns about 640 million acres of land in the United States, about 28% of the total land area of 2.27 billion acres." [1]) That works out to $4000/acre. For my ~sixth of an acre lot, my Federal tax bill would be about $700. That works out to be less than what I pay in income tax, so it looks like a deal to me.
Let's say the US collects 6 Trillion/ year in all taxes [I'm probably off by some percent, but not too much for an internet comment.] Let's say there are about 1.5 Billion acres of taxable land in the US (Reverse engineered from "The federal government owns about 640 million acres of land in the United States, about 28% of the total land area of 2.27 billion acres." [1]) That works out to $4000/acre. For my ~sixth of an acre lot, my Federal tax bill would be about $700. That works out to be less than what I pay in income tax, so it looks like a deal to me.
[0] https://en.wikipedia.org/wiki/Georgism [1] https://en.wikipedia.org/wiki/Federal_lands