Or to put it another way, a tulip bubble doesn't really matter, since tulips are not really essential to life. Nobody has ever told me I need to get on the tulip ladder.
By contrast, housing is completely the opposite of tulips.
But it should also be understood that taxing a house value is a way to keep investment capital out of housing supply. Housing is a basic human need and in Britain particularly, land is a scarce resource. It is not like the US where land is plentiful. So for societal good in Britain, property value tax should be a counterweight to house price inflation, an impetus to build more and a sanction against the misuse and lack of use of land. The multipliers for over ownership, and under use should be stringent and punative and act as a moral sanction.