NJ SCR74

Bill

Proposes constitutional amendment granting property assessment reductions for certain improvements to dwelling houses to provide living-quarters for senior citizen relatives.

Introduced
01/09/2024

In Committee
01/09/2024

Crossed Over

Passed

Dead
01/12/2026

Introduced Session

2024-2025 Regular Session

Bill Summary

This proposed constitutional amendment requires tax assessors to provide for a reduction in the assessed value of a homestead property to the extent of any increase in the assessed value of that property that results from the construction or reconstruction of the property for the purpose of providing senior living quarters for one or more natural or adoptive parents, grandparents, aunts or uncles of the owner of the property or of the owner's spouse, provided at least one of the parents, grandparents, aunts or uncles for whom the senior living quarters are provided is 62 years of age or older. Such a reduction may not exceed the lesser of either the increase in assessed value resulting from construction or reconstruction of the property or twenty percent of the total assessed value of the property as improved. This reduction shall be applicable to construction or reconstruction completed in or after the first full tax year occurring after approval of this paragraph by the voters of this State and shall continue through the tax year of the death or relocation of each of the parents, grandparents, aunts or uncles for whom the senior living quarters are provided.

AI Summary

This concurrent resolution proposes a constitutional amendment that would allow homeowners to receive a property tax assessment reduction when they construct or reconstruct their dwelling to create living quarters for senior citizen relatives. Specifically, the amendment would enable tax assessors to reduce the assessed value of a homestead property by the amount of increased value resulting from adding living space for natural or adoptive parents, grandparents, aunts, or uncles, provided that at least one of these relatives is 62 years of age or older. The tax assessment reduction would be limited to either the actual increase in property value from the construction or 20% of the property's total assessed value, whichever is less. The reduction would take effect in the first full tax year after voter approval and continue through the tax year of the senior relative's death or relocation. To be implemented, the proposed amendment must be approved by voters at a general election, with the ballot presenting a clear explanation of the proposed change and its potential impact on property assessments.

Committee Categories

Housing and Urban Affairs

Sponsors (1)

Carmen Amato (R)*,

Last Action

Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee (on 01/09/2024)

Official Document

https://www.njleg.state.nj.us/bill-search/2024/SCR74

(2 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://www.njleg.state.nj.us/bill-search/2024/SCR74
BillText	https://pub.njleg.gov/Bills/2024/SCR/74_I1.HTM

Bill	Bill Name	Last Action	Type
ACR101	Proposes constitutional amendment granting property assessment reductions for certain improvements to dwelling houses to provide living quarters for senior citizen relatives.	Introduced, Referred to Assembly Aging and Senior Services Committee	Carry Over
SCR33	Proposes constitutional amendment granting property assessment reductions for certain improvements to dwelling houses to provide living-quarters for senior citizen relatives.	Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee	Carry Over

Bill > SCR74

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (1)

Last Action

Official Document

bill text

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