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Bill > ACR25

NJ ACR25

NJ ACR25
Proposes constitutional amendment to limit assessment of homestead real property, and allow exemption on up to $50,000 of home's value.

summary

Introduced
01/09/2024
In Committee
01/09/2024
Crossed Over
Passed
Dead
01/12/2026

Introduced Session

2024-2025 Regular Session

Bill Summary

If approved by the voters of the State, this proposed constitutional amendment would require the Legislature to place a limit on annual assessment increases for homestead real property. Homestead real property, which is the principal residence of the owners of the property, would be assessed at true value as of the January 1 next following the approval by the voters of this proposed amendment, and would then be reassessed annually on each succeeding January 1. Any annual increase in the property's assessment would be limited to 3% or the Consumer Price Index rate, whichever is lower. When a homestead real property changes ownership, the property would be assessed at true value as of January 1 of the year following the change of ownership. Thereafter, any limitations in the annual increase in the assessed value of the property would once again apply until the next time the property changes ownership. The limitations on assessment increases established by this amendment would not apply to an added assessment that results from an improvement. Additionally, this proposed constitutional amendment would require the Legislature to provide a homestead property tax exemption on up to $50,000 of assessed value. Specifically, this exemption would consist of (1) a full property tax exemption on the first $25,000 of value assessed to a homestead property, and (2) an exemption from all non-school district property taxes on the third $25,000 of value assessed to a homestead property, meaning value assessed between $50,000 and $75,000.

AI Summary

This joint resolution proposes a constitutional amendment to limit property assessments and provide tax exemptions for homestead (primary) properties in New Jersey. Specifically, the resolution would require the Legislature to implement an annual assessment limitation where increases in a home's assessed value would be capped at either 3% or the Consumer Price Index rate, whichever is lower. Homestead properties would be initially assessed at true market value as of January 1 following voter approval, and then reassessed annually on each subsequent January 1. When a property changes ownership, it would be reassessed at true market value, after which the assessment increase limitations would again apply. The amendment would also mandate a property tax exemption structure: the first $25,000 of a home's value would receive a full property tax exemption, and the next $25,000 (value between $50,000 and $75,000) would be exempt from non-school district property taxes. These assessment limitations would not apply to added assessments resulting from property improvements. The proposed amendment would be submitted to voters at a general election, with voters deciding whether to approve the constitutional change that aims to provide property tax relief for homeowners.

Committee Categories

Housing and Urban Affairs

Sponsors (2)

Last Action

Introduced, Referred to Assembly Housing Committee (on 01/09/2024)
(3 Companion Bills)

bill text

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Document Type Source Location
State Bill Page https://www.njleg.state.nj.us/bill-search/2024/ACR25
BillText https://pub.njleg.gov/Bills/2024/ACR/25_I1.HTM
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