Comment by pharke

I don't think that would work in the long run either. If it becomes expensive to own a lot of land due to taxes then the simple solution is to not own land and it's easy to implement as there is no requirement to hold land as an asset, it's only a convenient store of wealth at the moment. The minute it becomes inconvenient you would see the wealthy divest their ownership of land in favour of some other asset with less tax burden.