There is no need to change current ownership, other than government land, which would be auctioned off. Just tax the land owners to compensate everyone for their bit of land and water - basically what they would have needed to subsist.
But there would be no tax on labor, or productivity or trade. That way, people who owned resources would have to be productive with those resources, beyond the subsistence that the resource would provide.
And no, this is not a feudal system. In the feudal system, a central authority decides how land will be used, and then taxes the production on that land. Like the wage slaves we are now.