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Local property taxes are a way to assess your share of tax burden based on something approximating your share of enjoyment of what's provided by those tax dollars. I.e., by owning property somewhere, you benefit from that location's fire fighters, police, roads, etc. Investment in a foreign property would have nothing to do with consumption of local government services/infrastructure.
The purpose of it doesn't really determine whether or not the taxing authority has the authority to levy tax or not. This is all a fight to try to stop taxation of capital until/unless it is sold,at which point capital gains taxes apply. If it's unconstitutional to tax that equity in a foreign property/enterprise solely because it isn't income (distribution, dividend, other payment) then I don't see how it would be constitutional to tax a stake or equity in real estate.
Of course, I'm being slightly facetious here. Obviously we have a long history of taxing property, so I don't see how logically this tax is unconstitutional either. In the same vein, the US also taxes foreign income that has no real nexus in the US, so if that's fine I fail to see how they can't tax a citizen's foreign assets.
On that point I'll have to grudgingly agree with what I assume is the conservative position. I see no moral or legal basis for a county to tax activities that take place outside their jurisdiction. The citizenship of the people involved shouldn't change that, but according to the US (and, as far as I know, no other county), it does. I generally see any conservative legal victory as a setback, but if this case some stops the practice of taxing US citizens living abroad, I'll consider it a silver lining.