Can you make $$ on a condo property with taxes in 2005?

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Say i built 1, 50 unit condo property assesed @ 6mil after completion.
If the millage rate is @ about 10, doesnt this mean my taxes are 60k a year because I own the property?
Now say a profited 1mil because I sold all the condos in my 1 property. Wont this mean in about 20 years I would have lost all my profit and now still owe 60k in taxes?
Is there anyone experienced in profiting off these types of properties without using a loan that can provide me with some helpful insight?
I would like to invest and share some beautiful architcture with the world, but I would also like to make a profit, not lose money on my property.