No it doesn't. You haven't realized any gains, therefore it's not just to tax you on that.
Well I have news for you… governments are coming for unrealized gains, they will not care if the money is on hand, they’ll fire sell your property if you don’t get a loan to pay the taxes. It’s a mathematical inevitability. And by that I mean governments are going broke and will try to find ever more creative ways to raise money, and unrealized gains, tax normalization, is one of the bigger leavers.
Vast majority are realizing their gains as rent. A land tax would just be taxing those gains before they can be recycled into the real-estate market. Perfectly just in that case.
If you're talking about an individual not using the land commercially - well theoretically the tax burden lowers the sale price. You don't pay both. At 100% land tax, the sale price would be zero. You pay only as you use the land. That also seems just to me.