Sounds like a great way to have larger competitors with more capital bid for your site to take down your domain that your users were using. Rather than Land Value Tax a better analogy might be a Vacant Property Tax which only targets squatting.
The problem with that is the squatters would just turn it into a low quality blog or something along those lines.
My personal website is a "low quality blog" but I definitely feel that it shouldn't be up for grabs because I don't want to pay thousands of dollars a year.
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