You don't own just the building, but the land. That land cannot be destroyed or created. The increase in land value is probably where the increased tax coming from. Buildings should be depreciating in value.

Given that land is in fixed supply, your city/town should have a vested interest to ensure that it's used efficiently, as is the rest of society.

If your property is worth million of dollars in the middle of a skyscrapper district, then you are in truth a land hoarder.

There's a very famous movement in the 19th century called Georgism that's all about taxing land. You could liken the founder Henry George as to the American "Karl Marx", except he was never really interested in abolishing capitalism.