Common solutions include appraisal (like property taxes are today) or a Vickrey auction, where we auction off the land, and the first place bidder gets it at the price of the second bid.
Ok, but my question was for more detail on how such an appraisal would work and then what the second order effects would be. For something this big we need to think through several generations worth of downstream consequences. We already have many examples of how such revolutionary economic changes can lead to disaster and mass death when people get caught up with the spirit of the idea and don't sit down and do the hard math to work out all of the details ahead of time.