> all land owned by the state, sold to private individuals with [99] year leases.

All land¹ is already owned by the state and leased to the “owners”; the only differences are in how much the state charges those “owners” for rent.

In light of this, the difference between a 100% LVT rate v. the state issuing land leases is just semantics.

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¹ within any state's territory, of course.