First, how do we determine the value of land after the nationalization of it? Assuming we implemented LVT immediately, we obviously have current market prices to determine the value. Then I'm assuming (unlike how it works in the market) the rental value will be a fixed percentage of the land value per year, which I'm assuming would be uniform throughout. But how do you "reassess" values after something like severe currency inflation? How do you determine the value of a plot that a speculator doesn't want anymore because the rental value siphons off all the value of the property? Are people still going to buy land even though its essentially in a state of perpetual mortgage?
This is my basic problem when understanding how this would actually work. Yeah, you can determine "relative" values like saying plot A is 3 times as valuable as plot B but how do you determine the baseline? If after nationalization the buying and selling essentially stop, what mechanism to you use to tie the rental values to something that has a market value?
Second, would there be enough value collected as rent to fund our 3.5 trillion dollar federal budget? If so how can we know this? Anyone have any idea what the 'rental' value of all land in the US is?
There's a lot of intellectual football on the thread but I'm interested in the details of how the Georgist system would operate. I understand the Georgist position of 'why' its not unjust to implement this system, but I don't understand the 'how'.