It may lower property values some, but in the long run even homeowners will be better-off as other, more burdensome taxes decrease. Sure, increasing land taxes may not be that popular, but pair it with abolishing income taxes? That's a different political proposition.

It's also why my first step is not to sell it as the implementation of a new tax; rather, it is an exemption to buildings. People don't like new taxes, but everyone loves exemptions!

Political problems are often difficult to solve but that by no means makes them impossible.