> Some people have to adjust their mortgage in order to pay property taxes. Most people pay property taxes out of their income.

Most people get their income from wages and then pay the taxes with that. The people who are the target of a wealth tax get most of their income from investments and then to get money to pay a new tax would have to sell that proportion of the investments.

It also doesn't really change anything if they invest in the sort of things that give returns through dividends instead of share price increases, because they reinvest the dividends, and having fewer people buy the stock so they can use the money to pay the tax has the same negative effect on the share price as having more people sell the stock to use the money to pay the tax.

> Property tax has the positive effect of encouraging efficient land usage and discouraging speculation and rent seeking.

Property tax to the extent that it's a tax on buildings/construction does precisely the opposite. Where land is more scarce the most efficient use is to build a high rise to maximize the amount of indoor living space per unit land, which is exactly the thing property tax taxes and thereby disincentivizes.

Asset taxes in general create major perverse incentives because it causes underinvestment in the thing being taxed and overinvestment in any alternative that can act as a tax shelter, whether because the law exempts the alternative for some reason (e.g. lobbying), or it's hard to accurately value and therefore allows for chicanery, or it's in another jurisdiction.