In the early days of SR lore, LAVs (then called Panzers) were explicitly
Ground Effect Vehicles. of course, real life GEVs look
nothing like what the Banshee looks like...


some are frikkin' big, like the Soviet "Caspian Sea Monster"

For something akin to Shadowrun's LAVs I'd recommend looking at Ogre's GEVs. They're basically hover-tanks without the hover skirt. (and in some artwork, they DO have hoverskirts!). Of course ground effect vehicles, in real life, were extremely rare outside the 2nd world during the 1970s and 1980s. And it's not like the Russians were sellin' em to the west after the cold war, so even in the 1990s and beyond they're fairly obscure. This is relevant because successive waves of authors and writers who know nothing about ground effect have been treating LAVs as having true flight capabilities, in effect becoming something more like grav-tanks from the Renegade Legion IP...
TL;DR: I treat LAVs as having a flight ceiling of no more than a few meters. Can reach altitudes of 10, maybe 20 meters above ground for short "dives" upwards to clear single obstacles before falling back down to where lift can be sustained.