[throwmeme888]

the chief challenge is: how does one actually value land?

if I own 1000 acres in the middle of nowhere that holds an enormously profitable business, I could end up paying almost zero tax simply because I dont have any nearby real estate development

[adverbly]

Like this: https://gameofrent.com/content/can-land-be-accurately-assess...

Also, LVT has never been proposed with taxing 100% of the annual rental value of land. This means you do not need to be 100% accurate with your assessment in order for the land to still be profitable to utilize. A 33% tax would mean you could literally be off by a factor of three in the assessment and it would still be marginally profitable.

I'm not sure about your example, but land of little potential value should be taxed little. Keep in mind that it is taxed according to its potential value though - not its current. 1,000 acres in the middle of nowhere is likely to cost basically zero in taxes if it can't be utilized for any purpose either now or in the future. If it has future value then you would need to do a net present value calculation.