No. It is a horrible idea
. Understand this, once you give the government the right to tax in a certain way, it opens the doors to expanding the tax. The original social security tax was 1%. Now it is 6.2 times higher. The state may start taxing investment properties over $1 mil at a lower rate, but who's to say they won't adjust the cap, rates, and who is covered under the tax? Once you give them the right to tax, they are free to manipulate the tax as they see fit.
property taxes is the primary means of revenue generation for the counties. If the state starts taxing property, it limits the county ability to tax effectively. Perhaps if there's a budget crunch, the counties would have considered increasing taxes on investment properties to avoid impacting "normal people". But now they cannot, because the state is already taxing. So then the counties are forced to tax regular residential properties.
Getting the (largely) ignorant public to vote for the tax for a "good cause" is a devious way of being able to increase taxes without the politicians being the bad guys by enacting the taxes themselves.