[krschultz]

Huh? You have to pay property taxes now and those could end up being too high for subsequent generations to afford. That happens all the time and is a common reason why property gets subdivided. This is simply a question of whether the value of structures on that land should be included.

If anything a pure land value tax should be more predictable than a property tax, I got hit with a major property tax increase and looked into it, the town had calculated the new property tax based on an incorrect square footage and number of bedrooms for my house. After filing an appeal and going to court I got it fixed, but that was a more capricious process than if it was simply based on the value of the land under the house.