The proposed resolution seeks to amend the New Jersey Constitution to allow municipalities to impose a lower property tax rate on improvements, such as buildings, compared to the tax rate on land. Currently, municipalities must apply a uniform tax rate based on property value for both land and improvements. This amendment would enable the Legislature to create laws that permit certain municipalities, particularly those in need of infrastructure investment, to adopt ordinances that differentiate tax rates for land and improvements.

The proposed amendment outlines that the Legislature will have the authority to determine which municipalities can participate and will provide guidelines for the implementation of this tax system. It allows for flexibility in setting the tax rate differences and includes provisions for phasing in the new rates over time. Additionally, it establishes a process for municipalities to revert to a single-rate property tax system if desired. The amendment will be presented to voters in the next general election following its final agreement.