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

This bill allows certain New Jersey municipalities - particularly those that were part of urban enterprise zones - to adopt a property tax system where buildings and improvements (like homes or businesses) are taxed at a lower rate than the land they occupy. Other municipalities would need state approval to implement this system, with the state denying requests if the town primarily uses developable land for open space, farmland, or environmental preservation. Tax rates could be phased in gradually over time, and towns could later revert to a single tax rate if desired. The bill requires a statewide constitutional amendment approved by voters before it can take effect.