Eh? What does it change then? I thought this was basically recalculating your council tax with an extra surcharge based on the land area (which Labour's city centre flat dwelling voters wouldn't have to worry about of course...)
In a property, there are two sources of the bits of value. There's the land the property is built on ('unimproved land') and then all of the stuff on top - the house, the plumbing, the additional bits of garden like the nice trees and flowers, everything that goes above and beyond just the base square metres ('improvements'). Council tax is levied on the total value of the property. The land value tax is based solely on the unimproved value of the property.
Imagine we have two properties, one in Herefordshire and one in London. They're both worth £250,000. Now, space isn't very valuable in Herefordshire. It's pretty rural. So most of that £250,000 is probably because the 'improvements' - the house built on that land - is pretty nice. In London, other way round. The space is most of that value, and the house is going to be soso. If the aim was to make the same amount of revenue, when switching from CT to LT, you'd expect to see the tax on the Herefordshire property go down, and the tax on the London one go up.
The single most significant contributor to the value of 'unimproved' land is not the area of the land, it's the location. If you could add an extra 50sqm to your property, or magically move your property to London, moving it to London will increase the property by way more. Having a garden will make almost no difference to your tax rates by comparison.
What an LVT does is tax 'locations'. You can expect your tax rise if you live in the South, and fall if you live in the North, as very rough guide.
There are two keys impacts. Firstly, you can't just sit on land, as property speculators do. An empty patch costs exactly the same amount in tax as the patch with a house on it. So either you use land, or you lose it - it creates a significant incentive to 'develop' lands. Secondly, it's a giant rebalance to the economy. It massively incentives decentralising economic production. It's also one of the most 'efficient' taxes. I don't think there's an economist alive who will criticise the LVT, it's the closest you can possibly get to harmony between everyone from RBC theorists and monetarists to neoKeynesians and even Marxists.
EDIT: I mean, here's a city economist writing for CapX praising it:
https://capx.co/land-value-tax-is-a-great-idea-but-itll-never-happen/