More advanced forms of timocracy, where power derives entirely from wealth with no regard for social or civic responsibility, may shift in their form and become a plutocracy where the wealthy rule.

Yikes

a state where only property owners may participate in government.

I don’t think that was the case. The Natives were the rightful land owners, but only the land robbers made their new “government”.

Makes a sense in a pre-industrial pre-citizenship world. The broad idea is that you establish that the people voting on things are members of the community to be impacted. That way you don’t have transient people impacting the outcomes of elections.