It is very similar to property tax but there are some differences. I believe you can bid for the land for much longer periods of time. Also, under the current

It is very similar to property tax but there are some differences. I believe you can bid for the land for much longer periods of time. Also, under the current system property tax includes the improvements on the land as well. Paine was proposing that if you build a house on the land you don't have to pay more taxes. It's only on the land portion that you pay the "tax". It's a similar system where people bid on the rights to spectrums of radio waves.