[ScottBurson]

You seem to be overlooking that in that scenario, your land has appreciated considerably. If you sell, you'll net a gain; if you don't want to sell despite the gain, you can borrow against the property to pay the tax.

Here's the thing to understand: anyone buying property now in a popular area, where prices have been increasing rapidly for the last two or three decades, is effectively paying an LVT. The thing is, they're not paying it to the locality, which could use it for infrastructure and services; they're paying it to the previous owner, because the higher purchase price means a higher mortgage payment. That's redistribution too.