They don't really. They misreport the value for tax purposes, they own it through some other legal entity that is all negative, they own it through a company that negotiated tax rates to have some other business happen there, they own it in countries that don't to property taxes, etc. etc.

You can be damn sure they're paying at most a tiny fraction if not zero of any tax rate you'd be paying for that asset as they'd much rather pay very good lawyers, accountants, and most importantly, politicians to not have to pay tax.

You don't need progressive taxes. You just need everyone to pay it equally, without loopholes. Fewer less complicated tax rates are harder to work around.