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Bill > ACR155

NJ ACR155

NJ ACR155
Proposes constitutional amendment to authorize temporary property tax exemption for value of certain homestead improvements.

summary

Introduced
02/20/2025
In Committee
02/20/2025
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 amendment to the New Jersey Constitution would require the Legislature to enact a homestead improvement property tax exemption statute. The statute would entitle homeowners to a temporary property tax exemption based on the increase in the assessed value of a homeowner's principal residence resulting from taxable improvements made to the property. The total amount of the exemption could not exceed $100,000 of the assessed value of the improvements. The duration of the exemption would be for no more than three consecutive tax years.

AI Summary

This concurrent resolution proposes a constitutional amendment to authorize a temporary property tax exemption for certain home improvements in New Jersey. Specifically, the resolution would require the state Legislature to create a statute allowing homeowners to receive a property tax exemption for the increased assessed value resulting from taxable improvements to their principal residence. The exemption would be limited to a maximum of $100,000 in assessed value of improvements and could only be claimed for a maximum of three consecutive tax years. If approved by voters, this amendment would provide a financial incentive for homeowners to make improvements to their properties by offering a temporary relief from additional property taxes that would normally result from increasing a home's assessed value. The proposed amendment would be submitted to voters at a general election, with detailed ballot language explaining the scope and limitations of the proposed tax exemption.

Committee Categories

Government Affairs

Sponsors (1)

Last Action

Introduced, Referred to Assembly State and Local Government Committee (on 02/20/2025)

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Document Type Source Location
State Bill Page https://www.njleg.state.nj.us/bill-search/2024/ACR155
BillText https://pub.njleg.gov/Bills/2024/ACR/155_I1.HTM
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