This. It's useful to think of it as an investor. As an example, if you own a property whose value is 250k in land and 250k in a house, and it currently rents

This. It's useful to think of it as an investor. As an example, if you own a property whose value is 250k in land and 250k in a house, and it currently rents for 20k a year and the land tax is priced at 10%, you would be losing 5k a year. So you put it on the market but no investor is going to buy a property that loses money so the price would have to fall out of the land value until the tax based on the value of the land is below the rent you are able to charge. Now, if you abolish zoning or rezone places in addition to a land value tax, it could work as the investor could build more housing for the same land thus splitting the cost over multiple renters which I'm sure is the intended affect but a land value tax won't work without changing zoning laws.