wouldn't an LVT be regressive? (i.e. falling more heavily on low/middle earners)

I know the theoretical advantages of LVT e.g. encouraging land development and incentivizing economically productive behavior but wouldn't such a tax be regressive? the lower your earnings/net-worth the higher percentage that your land ownership/renting makes up of your total net-worth/income, logically doesn't it follow that a true single tax would fall disproportionately on lower income people?