Authorizes municipalities to develop and implement a plan for local land value taxation

Removed the requirement for municipalities to apply to participate in a state-run pilot program, eliminating the need for state selection and approval.

Added authority for any city, village, or town to independently develop and implement land value taxation plans after adopting a local law or resolution following a public hearing.

Removed the provision allowing municipalities with populations over 50,000 to designate specific neighborhoods for participation in the pilot program.

Added a revenue neutrality requirement ensuring that the total tax levy for each municipality remains unchanged when implementing land value taxation.

Added flexibility for municipalities to apply land value taxation to all taxable property or only specific property classes, and to establish separate uniform rates for land and improvements.