New Jersey SCR114 proposes a constitutional amendment to allow lower property tax rates on improvements than on land.
New Jersey SCR114 proposes a constitutional amendment to allow municipalities to tax improvements, such as buildings, at a lower rate than land. Currently, a single property tax rate applies to both land and improvements. This amendment would require the Legislature to enact laws enabling municipalities to set lower tax rates for improvements. The Legislature may limit participation to municipalities needing infrastructure investment. Municipalities could phase in the changes and revert to a single-rate system if desired.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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