> Public spending on infrastructure and services raises land values, as parks, police, and fire departments make locations more attractive to live in.

This sounds like how the property tax works today.

At municipal level, where a property tax bill is comprised of (a) land value, (b) improvements and (c) special assessments, which are voter-approved voluntary taxes to pay for things such as new tram line or a pump for the water district.

The land value periodically gets reassessed to account for improvements, public services, and general real estate prices in the area.

How does your system differ from the property tax status quo?