Land and improvements thereon shall be taxed according to the provisions of this Act, unless otherwise exempted from taxation by Act.

Land tax shall be of two kinds: the land value tax and the land value increment tax.

The value of land and that of improvements thereon shall be separately assessed.

Land tax shall be a local tax.

No tax or surtax under whatever name shall be imposed on land and improvements thereon except in accordance with the provisions of this Act. But to meet the expenses required for the construction of roads, embankments, dikes, ditches, sewers, or other engineering works on ground or in water for the improvement of land, a “construction benefit charge” may be levied according to Act.