Absolutely. The current system allows individuals or companies to hold onto a piece of land indefinitely with no downsides, why would you ever sell it?
Property tax is the only way to level the playing field for everyone. If you want to hold land, you have to pay yearly for it based on it's value.
The UK has Stamp Duty (sales tax on buying a property) and Council Tax (taxes paid by occupants of a property for local services).
This system discourages selling/buying property since you pay taxes on the transaction. The whole framework seems to be crafted specifically to reward those who already hold land. It's very similar to the NYC taxi medallion problem.
Property tax is the only way to level the playing field for everyone. If you want to hold land, you have to pay yearly for it based on it's value.
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