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 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 and allows for a phased implementation of the new tax rates over several years. Additionally, it establishes a process for municipalities to revert to a single-rate property tax system if desired. If the amendment is approved, it will be presented to voters in the next general election, with the necessary information provided on the ballot for public consideration.