This is one of the core principle of Georgism, that the value and usefulness of a piece of land is tied to the infrastructure that the government has built around it. Therefore the titleholder should pay for the upkeep of that government and infrastructure, hence the idea of the land tax as a single tax.
If you have two identical lots, one that’s developed into apartments, a restaurant, and some office space, and the other that’s left as dirt surrounded by a chain link fence, which one has the lower tax bill?
If you have a 20+ year investment horizon, which approach allows you to more easily capture the appreciation created by all your neighbors who are working their asses off to build restaurants and offices and attractions?