Bill
Bill > ACR64
NJ ACR64
NJ ACR64Proposes constitutional amendment granting property assessment reductions for certain improvements to dwelling houses to provide living quarters for senior citizen relatives.
summary
Introduced
01/09/2024
01/09/2024
In Committee
01/09/2024
01/09/2024
Crossed Over
Passed
Dead
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 living quarters for senior relatives, specifically for natural or adoptive parents, grandparents, aunts, or uncles who are 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 total improved property value, whichever is less. This reduction would apply to construction completed in or after the first full tax year following voter approval and would remain in effect until the death or relocation of the senior relative for whom the living quarters were created. The proposed amendment requires tax assessors to implement these reductions and would be submitted to voters for approval at a general election, with ballot language explaining the proposed constitutional change and its potential impact on property assessments.
Committee Categories
Health and Social Services
Sponsors (1)
Last Action
Introduced, Referred to Assembly Aging and Human Services 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/ACR64 |
| BillText | https://pub.njleg.gov/Bills/2024/ACR/64_I1.HTM |
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