Proposes constitutional amendment to allow lower property tax rate on improvements than on land.

This bill proposes a constitutional amendment to New Jersey that would allow municipalities to charge a lower property tax rate on buildings and other improvements compared to land. The change would enable local governments to set different tax rates for taxable land versus taxable improvements, with the Legislature determining which municipalities can participate and under what conditions. Participating communities could gradually phase in the new rates over several years and would retain the option to return to a single-rate system if needed. The amendment requires voter approval at a general election and would be implemented through new state laws that give municipalities flexibility in designing their local tax structures.