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Bill > ACR32
NJ ACR32
NJ ACR32Proposes constitutional amendment to exempt $60,000 of assessment on primary residence owned by senior citizens from property taxation.
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
If approved by the voters of the State, this proposed constitutional amendment would exempt from property taxation $60,000 of the assessed value of the primary residence owned by a senior citizen who is 65 years of age, or older. Exempting $60,000 of the assessed value of a senior citizen's home would lower the amount of the home's value subject to property taxation, and would likely lower the property taxes on the home, thus making the property taxes more affordable to retired senior citizens who are living on a fixed income.
AI Summary
This concurrent resolution proposes a constitutional amendment to provide property tax relief for senior citizens in New Jersey by exempting the first $60,000 of assessed value from property taxation for homeowners who are 65 years of age or older. The amendment would modify Article VIII, Section I of the New Jersey Constitution to specifically allow this exemption, which aims to make property taxes more affordable for seniors living on fixed incomes. If approved by voters at a general election, the measure would reduce the taxable value of a primary residence for qualifying seniors, potentially lowering their annual property tax bills. The resolution includes detailed provisions for how the amendment will be presented on the ballot, with a clear question and interpretive statement to help voters understand the proposed change. The proposed exemption would apply specifically to the primary home of seniors, and the assessed value is the figure used by municipalities to calculate property taxes.
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/ACR32 |
| BillText | https://pub.njleg.gov/Bills/2024/ACR/32_I1.HTM |
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