The gimmick being that LVT acts like a higher interest rate so (a) makes the house cheaper and (b) as LVT would hopefully replace other taxes, they’d pay a lot less other taxes as well.

LVT is just like rent on the land bit, really.

1. It would cut the banks down to a sensible size (there can be no credit bubbles without asset price bubbles).

2. It is not a tax on incomes or production so does not depress economic activity.

3. It would make councils want to have the best schools because that improves property and rental values in the catchment area. Whether a school that allows corporal punishment makes it a ‘good’ school is a moot point.

4. Ditto good policing. That improves property and rental values.

5. LVT would be good for farming (rather than being good for landowners). It’d lead to more efficient use of land – farmers would concentrate on getting the most out of a given patch (which includes being more labour intensive), rather than just trying to maximise the amount of land they own.

So LVT is the perfect tax – even for National Socialists and racists. I suppose in extremis, you could argue that as having too many immigrants in an area drives down property and rental values, the state might not be so bloody welcoming.