text:  But if you only paid, let's say, $25 million over the course of your lifetime for that real estate that's appreciated, you're not taxed on the $75 million of growth simply because that's the value unless you sell it. At a high level, you'd be taxed on income that it generates, and you may be taxed when you die from an estate tax standpoint due to your net worth, but you wouldn't be arbitrarily taxed on the value otherwise.