Proposes constitutional amendment to allow lower property tax rate on improvements than on land.

This bill proposes a constitutional amendment to allow New Jersey municipalities to tax property improvements (like buildings) at a lower rate than land. It would require the Legislature to create laws enabling local governments to adopt such dual-rate systems, though it may restrict participation to municipalities needing infrastructure investment. Key provisions include allowing local discretion in setting the rate difference, permitting phased implementation of changes, and providing a method to revert to a single tax rate. The amendment must be approved by voters after legislative passage, as it alters the state constitution.