A 100% tax on land would reduce the market value of land to zero.
A revenue-neutral swap of New York City's taxes for a 21.7% land value tax is simulated to increase wages by 4% and aggregate output by 91%, while decreasing city land price by 28%, and the poverty rate by 34%.
If New York City were to swap out its income, property, and general corporation taxes with a land value tax, a LVT rate of 21.6% would be needed to maintain the level of tax revenue.
Owners of properties with high land-to-improvements ratios (like car dealerships) will tend to experience an increase in their tax liabilities when moving from uniform property taxation to split-rate land value taxation.
Land Taxation in New York City: A General Equilibrium Analysis
Land Value Tax