It's a Property Tax which is significantly worse than a Land Value Tax.
Firstly it encourages urban sprawl, which is bad for the environment and bad for cost of living and housing access.
Secondly it penalizes productive value add. Build something beautiful and you're punished for doing so.
Thirdly it doesn't have the same logical justification as the Land Value Tax, which is to tax ownership of scarce, zero sum, excludable, naturally occurring resources that aren't the product of labor.
You don't know that. There are places on the East Coast, namely Pennsylvania and Delaware that I can think of, that have implemented LVT. Normally they are hybrid approaches though.
Firstly it encourages urban sprawl, which is bad for the environment and bad for cost of living and housing access.
Secondly it penalizes productive value add. Build something beautiful and you're punished for doing so.
Thirdly it doesn't have the same logical justification as the Land Value Tax, which is to tax ownership of scarce, zero sum, excludable, naturally occurring resources that aren't the product of labor.