Land value taxes are among the most evil possible. It's no coincidence land value taxes are so commonly related to extreme Socialism and Communism ideologically.
Modern property taxes are a pretty horrendously vile tax on average people as well and are extremely regressive. The notion that you can work your whole life, pay off your average house, and still owe $2,000 per year in property taxes should be an outrage. $20,000+ over ten years? That destroys all the value return a typical home owner can ever expect to earn on their house. For most people, a house is the largest investment they'll ever make, and property taxes help destroy that. Not to mention the terrible idea that your paid for house can then be stolen because you don't pay the tax.
The idea seems good though. By occupying land you are hoarding scarce resource. Tax should incentivise you to occupy less. I think the tax should be progressive so if you have small house and lot you don't owe state that much but if you have McMansion you should pay handsomely or sell it tho someone who can actually afford it or to someone who splits the lot between multiple buyers.
Some large percentage of land value taxes could be dedicated to improving transport infrastructure around the place where high taxes come to lessen the squash.
Land value taxes are among the most evil possible. It's no coincidence land value taxes are so commonly related to extreme Socialism and Communism ideologically.
Modern property taxes are a pretty horrendously vile tax on average people as well and are extremely regressive. The notion that you can work your whole life, pay off your average house, and still owe $2,000 per year in property taxes should be an outrage. $20,000+ over ten years? That destroys all the value return a typical home owner can ever expect to earn on their house. For most people, a house is the largest investment they'll ever make, and property taxes help destroy that. Not to mention the terrible idea that your paid for house can then be stolen because you don't pay the tax.