Joe, I think
we have to be careful with terminology. LVT doesn't collect "
land inflation", it captures the rental value of land. Even if your community isn't growing, even if land isn't going up in value
because of population pressure, all land has a rental value, i..
e, the cost of renting it.Inflation is a quantitative measure of the rate at which the average price level of a basket of selected goods and services in an economy increases over some period of time. It is the rise in the general level of prices where a unit of currency effectively buys less than it did in prior periods. Often expressed as a percentage, inflation thus indicates a decrease in the purchasing power of a nation’s currency.
Land prices don't inflate. Land becomes more expensive not because of inflation, but in real dollars, because economic rent capitalizes into the purchase price.
The Georgist idea is to socialize unearned income (economic rent) and privitize earned income, the opposite of the present tax structure. Buildings don't attract unearned income, because they are replicable. Economic rent only accrues to finite assets, like land.