Property taxes also tax improvements to (and structures on) the land itself. Land value tax does not. So, an empty acre of land across the street from Central

Property taxes also tax improvements to (and structures on) the land itself. Land value tax does not. So, an empty acre of land across the street from Central Park (I know, I know, but pretend it exists) is taxed the same, under an LVT, as that same acre sitting under a big mixed-use apartment/retail building. The building itself isn't taxed (though its presence will likely have a small effect on the overall rate in the area, provided it acts to increase the value of surrounding land).