My house is worth far less than 500k. My effective federal tax rate was 8% last year.
It doesn’t matter what your situation is, any thinking person knows this would be a huge and sudden shock on the entire economy, including the values of every single home out there, regardless of the value. Not only that, selling any home would be more difficult, making them all in effect totally worthless.
You would be screwed too - perhaps more indirectly than directly - but you would be screwed. You don’t live in a bubble.