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Bill > ACR37
NJ ACR37
NJ ACR37Freezes property taxes on primary residences of homeowners 65 years of age and over.
summary
Introduced
01/09/2024
01/09/2024
In Committee
01/09/2024
01/09/2024
Crossed Over
Passed
Dead
01/12/2026
01/12/2026
Introduced Session
2024-2025 Regular Session
Bill Summary
This amendment to the State Constitution would freeze property taxes on the primary residences of all homeowners who are 65 years of age and over. Under the amendment, this property tax freeze would take effect once the homeowner turns 65 years of age or once the home is acquired by a person 65 years of age or over. If a homeowner is already 65 years of age or over at the start of the next year after the amendment is approved, the property tax freeze would take effect that year. A homeowner would have to apply each year to continue the property tax freeze. In the case of ownership by spouses, only one of the owners would have to meet the age and residency requirements in order to apply for the property tax freeze. Currently, homeowners 65 years of age and over are responsible for paying property tax increases on their primary residences. Some of these homeowners are eligible for a reimbursement of their increased property tax payments. Homeowners are eligible for this reimbursement if they meet certain income requirements. This amendment would allow all homeowners 65 and over, regardless of income, to have their property taxes frozen, and would mean that homeowners currently receiving reimbursements for property tax increases no longer have to pay future increases up front. The property tax freeze under this amendment would continue if the property is transferred to a surviving spouse who is 65 years of age or over, so long as the surviving spouse uses the property as their primary residence. The freeze would end upon the transfer of the property to any other owner or upon the property no longer being used as the primary residence of a qualifying owner, at which point the property would be subject to ordinary assessment and property taxation.
AI Summary
This concurrent resolution proposes a constitutional amendment to freeze property taxes for homeowners who are 65 years of age and over, providing significant tax relief for seniors. The amendment would allow homeowners to stabilize their property tax bill at the amount due in the year they turn 65 or acquire their primary residence, with the requirement that they submit an annual application to their local tax collector to maintain the frozen rate. The tax freeze would apply to primary residences, including residential units in cooperative housing and mobile home sites, and would be available without any income restrictions. If the homeowner is already 65 years old when the amendment is approved, the tax freeze would take effect immediately. The freeze would continue if the property is transferred to a surviving spouse who is also 65 or older, but would end if the property is transferred to any other owner or is no longer used as a primary residence. Importantly, owners receiving a stabilized tax bill would still be eligible for other existing exemptions, deductions, and credits, and would remain responsible for special assessments and penalties. The proposed amendment aims to provide financial stability for seniors by protecting them from rising property tax assessments.
Committee Categories
Government Affairs
Sponsors (1)
Last Action
Introduced, Referred to Assembly State and Local Government Committee (on 01/09/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2024/ACR37 |
| BillText | https://pub.njleg.gov/Bills/2024/ACR/37_I1.HTM |
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