Unlike property tax, land value tax punishes you for leaving valuable land (e.g surrounded by lively business buildings) intentionally undeveloped or underdeveloped.

The only problem that I can see with this approach is landscaping. It is valuable to have a nice park in the center of a city, if only for the cooling down that it provides, but parks don't make money and land value tax would incentivize people who own them to bulldoze the park and build something in its place.

Perhaps this could be solved with certain exemptions. But these are subject to the usual corruption, e.g. someone leaves a really bad parking lot in place and his friends in the town hall simply categorize it as a park.