Yeah that's a property tax, not a land tax. Far from ideal because it punishes people for improving the land that they're occupying, which is the opposite of what we want to be doing.
I guess the affect really depends on where you live. Where I am land is really expensive. So even if you owned an undeveloped piece of land, your taxes would still be significant.
But I see what you’re saying. In a lot of places the land and taxes are relatively cheap.
