Allows municipalities to set lower property tax rates on improvements than on land.

The bill 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 encourage development and redevelopment of vacant land in urban areas. Municipalities in need of infrastructure investment can adopt this system immediately upon the bill's operative date. Other municipalities can apply to the Director of the Division of Taxation for approval to implement the system.

Allows municipalities to set lower property tax rates on improvements than on land.

The bill 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 encourage development and redevelopment of vacant land in urban areas. Municipalities in need of infrastructure investment can adopt this system immediately upon the bill's operative date. Other municipalities can apply to the Director of the Division of Taxation for approval to implement the system.