Unlike the value that people create themselves through labor and investment, land and other natural resources (e.g., minerals, old growth forests, airspace, water, fossil fuels) are in some sense owned by all current and future residents of a community. Some argue that these finite natural resources should be taxed, while leaving the capital improvements (buildings, wells) untaxed. This practice would not penalize land owners who improve the property or keep structures in good repair. This practice would tend to penalize land owners who let structures fall into disrepair or make inefficient use of the property (e.g. slumlords and parking lot owners).
Opponents of a Land Value Tax argue that it would tend to encourage gentrification of urban areas and the building of energy inefficient overshadowing skyscapers. Others also caution that a Land Value Tax must be structured in such a way as to protect historic sites, farmland, and public parks.
in Australia http://www.sro.vic.gov.au/land-tax