LVT would be reasonable if presently home values were very low compared to wages so the impact to people would be minor, then over time it would encourage a certain behavior -- essentially a way to make more money with your land, rather than punishing people who currently have high land / home prices (like now). A much more realistic idea as others have noted would be to try this in an area where currently the impact to people would be negligible -- so the state could say "we will use X city as a test -- we will make it so these people no longer pay state property taxes at all, but will pay LVT instead".