This is a game theoretical idea that shows how to address under- and overvaluation of property. How to refine it into a practical system is an open question bu

This is a game theoretical idea that shows how to address under- and overvaluation of property. How to refine it into a practical system is an open question but I'm sorry, I just don't see how your example of inheritance of a Beetle scuppers the whole thing. Property taxation being used to unfairly seize objects of mere sentimental value seems an easy to problem resolve compared to the problem of imposing property taxation at all. The real reason land value tax hasn't seen much use in any jurisdiction is that it massively advantages the common person above the wealthy landowner, so there are huge structural pressures against it.