100% LVT isn't 100% of land value it's 100% of land rents. If the bare land would rent for $2,000/month the tax is $2,000/month. You can't realistically raise the tax beyond this amount because you'd effectively be making land economically unhabitable outside of cases where the improvements were so large that you weren't significantly hindered by having some of the improvement rent absorbed.

At a 100% LVT the price of land is $0 (or more accurately equal to the price of the improvements on it). Above 100% LVT the price of land is negative so building any improvement immediately loses money and a whole host of other negative consequences.