Here are some links to tapered pipe threads dimensions:
Dimensions - Pipe Threads
Basic Dimensions for NPT American National Taper Pipe Threads
From your description it does sound like you do have tapered 1/2 inch pipe thread.
If it is a tapered thread, the valve will get progressively tighter as you thread it into the tank and even after you tighten it all the way, you should always see some threads.
With a straight pipe threads there should be provision (a small recess) on the tank neck for an O-ring. And the valve should thread easily in all the way and would only stop when the valve shoulder (ring just above the threads) comes in contact with the top edge of the tank neck.
Was there no O-ring on the neck?
Can you post a closer picture of the valve threads and tank neck? If you can provide some closer pictures it should be fairly easy to tell them apart.
Dimensions - Pipe Threads
Basic Dimensions for NPT American National Taper Pipe Threads
From your description it does sound like you do have tapered 1/2 inch pipe thread.
If it is a tapered thread, the valve will get progressively tighter as you thread it into the tank and even after you tighten it all the way, you should always see some threads.
With a straight pipe threads there should be provision (a small recess) on the tank neck for an O-ring. And the valve should thread easily in all the way and would only stop when the valve shoulder (ring just above the threads) comes in contact with the top edge of the tank neck.
Was there no O-ring on the neck?
Can you post a closer picture of the valve threads and tank neck? If you can provide some closer pictures it should be fairly easy to tell them apart.