This is basically how land worked in Second Life. LindenLab charged a set price for a parcel (by size) or island (by compute), regardless of what was on it. They didn't calculate that by continually assessing the earnings of the land (which seems awfully close to charging for the improvements and not the land itself, and a staffing issue). The prices of islands changed over time, though I don't think parcel charges increased (haven't paid attention since I stopped working there).
Land owners had to pay the above price to LL monthly. They could then resell/rent to other residents.
Land owners had to pay the above price to LL monthly. They could then resell/rent to other residents.