New Jersey A1473 allows municipalities to set lower property tax rates on improvements than on land.

New Jersey A1473 allows certain municipalities to establish a land-based property tax system, where improvements are taxed at a lower rate than land. This system aims to discourage land speculation and encourage redevelopment of vacant land in urban areas. The bill permits municipalities in need of infrastructure investment to adopt this system immediately, while others must apply to the Director of the Division of Taxation for approval. The bill also allows for a gradual phase-in of adjusted tax rates and the option to revert to a single-rate system.

New Jersey A1473 allows municipalities to set lower property tax rates on improvements than on land.

New Jersey A1473 allows certain municipalities to establish a land-based property tax system, where improvements are taxed at a lower rate than land. This system aims to discourage land speculation and encourage redevelopment of vacant land in urban areas. The bill permits municipalities in need of infrastructure investment to adopt this system immediately, while others must apply to the Director of the Division of Taxation for approval. The bill also allows for a gradual phase-in of adjusted tax rates and the option to revert to a single-rate system.