The proposed resolution seeks to amend the New Jersey Constitution to allow municipalities to implement a property tax system where improvements, such as buildings, are taxed at a lower rate than the land itself. Currently, municipalities must apply a uniform tax rate to both land and improvements. This amendment would empower the Legislature to create laws that enable municipalities, particularly those in need of infrastructure investment, to adopt ordinances that differentiate tax rates for land and improvements.

The proposed amendment includes provisions for municipalities to have discretion in determining the tax rate difference, the ability to phase in the new tax rates over several years, and a method for reverting to a single-rate system if desired. Once the amendment is finalized, it will be presented to voters in the next general election, allowing the public to decide on this significant change to the property tax structure in New Jersey.