One limitation I have not seen discussed is LVT's self-defeating nature, and it's an important one to figure out if land value taxes are to succeed in practice.
An upside and downside of LVT, depending on your perspective, is that the imposition of a LVT would seriously lower land values. The inverse is also true: removing an established LVT carries a significant upside for the affected landowners. Property that had been acquired for cheap under a LVT would be freed of its shackles and allowed to appreciate again. Some of this would be immediate, as thousands of dollars in taxes shift away from land and back onto labour, enterprise, and commerce, and some of it would be gradual as people resume buying land because land value always goes up (which causes land values to go up). This creates a powerful incentive to undo any progress that a LVT campaign might accomplish.
I doubt that anything short of a revolution would be able to overpower the wealthy landowning class who like their unearned rents and inflated asset values very much thank you, but you don't just need to beat them once, you need to be able to hold their political, economic, and intellectual influence at bay permanently or we end up right back where we started in a matter of years.
An upside and downside of LVT, depending on your perspective, is that the imposition of a LVT would seriously lower land values. The inverse is also true: removing an established LVT carries a significant upside for the affected landowners. Property that had been acquired for cheap under a LVT would be freed of its shackles and allowed to appreciate again. Some of this would be immediate, as thousands of dollars in taxes shift away from land and back onto labour, enterprise, and commerce, and some of it would be gradual as people resume buying land because land value always goes up (which causes land values to go up). This creates a powerful incentive to undo any progress that a LVT campaign might accomplish.
I doubt that anything short of a revolution would be able to overpower the wealthy landowning class who like their unearned rents and inflated asset values very much thank you, but you don't just need to beat them once, you need to be able to hold their political, economic, and intellectual influence at bay permanently or we end up right back where we started in a matter of years.