People already pay property taxes on their homes, though. LVT would eliminate taxing the improvements and structures and instead just tax the land itself, so the maximum assessed value would decrease.

Additionally, this would ideally be implemented while also eliminating income taxes (and general sales taxes). One of the biggest benefits of this is that we would no longer _need_ to track everyone's income, and could even eliminate vasts amounts of bureaucracy like the IRS and state-level departments.