Allows certain municipalities to establish lower property tax rate on improvements than land.
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Progress
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- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill would allow certain New Jersey municipalities, particularly those in urban enterprise zones, to establish a property tax system where improvements (like buildings) are taxed at a lower rate than the underlying land. The goal is to encourage redevelopment of vacant land and stimulate economic growth. Municipalities not currently in these zones would need to apply for approval to implement such a system, subject to certain restrictions regarding open space preservation. The system would be phased in gradually and could be reverted to a single-rate system if desired.
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1 on record
Primary sponsor
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