Allows certain municipalities to establish lower property tax rate on improvements than land.

This bill allows certain New Jersey municipalities to adopt a "land-based property tax system," where buildings and structures (taxable improvements) are taxed at a lower rate than the land itself - currently, all properties use a single tax rate. Municipalities in existing or former urban enterprise zones can implement this immediately via ordinance, while other municipalities must apply to the Director of Taxation for approval after seven years, with standards preventing approval if lands are preserved for open space or farmland. The tax rate difference can be phased in gradually, and municipalities may later return to a single tax rate through a new ordinance. The policy requires a constitutional amendment approved by voters to become effective, aiming to encourage redevelopment of vacant urban land.