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Notes -
This comment undercuts the moral argument for Georgist taxes pretty severely. (I've long been suspicious of the practical argument in general, although the practical argument of "we ought to incentivize the medieval sheep farmer to get the hell out of the middle of London" still makes a huge amount of sense in your hypothetical.)
A tax that can be framed as "We're just taxing the value that the rest of society has provided to you" feels like a huge moral advance over the typical lesser-of-two-evils "We can't make civilization work without lots of money so we're raising the amount of yours we'll take; pray we don't raise it further". And this moral justification for land-value tax makes some sense, for land uses where most of your revenues (and/or at least your use-value for a homestead residence) really come from the value of proximity to your neighbors. But what if you just wanted to farm sheep, and the main thing your neighbors have done to aid that is dump a bunch of air pollution into their lungs and their wool? Asking you to pay ever-increasing taxes for that service seems almost cruel.
Then you sell your central London sheep farm for a gazillion pounds and buy a sheep farm somewhere else.
If we make a rule that people and their descendants get to keep their property tax free forever we end up with a stagnant, feudal economy. That puts us in the bottom left corner of the "growth / equality" grid, the worst of all words economically speaking.
Honestly, I'm probably 90th percentile in the anti-tax camp, but we need to be practical. Abolishing property tax goes too far.
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