Family home is not exempt (from https://www.opportunity.org.nz/platform)

Bringing house prices down with a Land Value Tax. A land value tax (LVT) makes housing affordable again by shifting the tax load off working people and onto land. The tax applies to land only (not any buildings on that land). This encourages high-density housing and discourages urban sprawl, land-banking or large rental property portfolios, which helps force down house prices. An LVT will retool our economy for innovation and production, instead of rent-seeking and paper profits. This will help drive real economic growth, by redirecting investment away from housing and towards business. For ‘land rich, cash poor’ Kiwis like farmers and retirees, exceptions and deferrals will apply.