Authorizes municipalities to develop and implement a plan for local land value taxation based on classes of land.

This bill authorizes cities, villages, and towns to develop and implement a plan for local land value taxation based on classes of land. It allows real estate to be classified as land or land exclusive of buildings and buildings on land. The plan must maintain revenue neutrality for each municipal corporation on whose behalf taxes are levied. The bill also allows for the designation of specific neighborhoods or areas within a municipality that would be subject to such a plan for land value taxation.

Authorizes municipalities to develop and implement a plan for local land value taxation based on classes of land.

This bill authorizes cities, villages, and towns to develop and implement a plan for local land value taxation based on classes of land. It allows real estate to be classified as land or land exclusive of buildings and buildings on land. The plan must maintain revenue neutrality for each municipal corporation on whose behalf taxes are levied. The bill also allows for the designation of specific neighborhoods or areas within a municipality that would be subject to such a plan for land value taxation.