arbitrary land value? - of course it is possible to implement land tax in a stupid way - the proper way to do it is to impose the same percentage rate on the unimproved value of all land (whatever it is). This way only land price increases are captured - rather than improvements you make to the building.
If you believe that an efficient tax is one that also does not change behavior then a land tax is good as well, as people will not change how they use the land.
Obviously if you own land now and are sitting back living off all the rent you earn then a high land tax rate amounts to huge transfer of wealth to the proletariat population, but that is the whole idea of it - it is meant to transfer the wealth in a fairer way than income tax which punishes successful people who deserve to be rewarded for the trades they do unlike the 'ownership' class living off the exploits of others.
