If you allow a 1% LVT to accrue as a charge on the value of the home, that's only paid on disposal, there's no affordability problem either. Own a $2m piece of land at age 18, each year 1% of the value gets added as a charge. Die age 108 and 80% of the land value is then taken to pay the back-charges, leaving 20% for the estate.

https://en.wikipedia.org/wiki/California_Proposition_13_(197...

https://en.wikipedia.org/wiki/California_Proposition_218_(19...

Proposing it as a sales tax might avoid Prop 13, but continues the problem where new buyers fund the state budget and homeowners/Baby Boomers get everything for free.

Also, schools and local services might not get funded every year, I assume the rate of sales isn't constant.