Bill
Bill > S1921
NJ S1921
NJ S1921Increase statutory property tax exemption amounts for improvements to single dwelling units under "Five-Year Exemption and Abatement Law."
summary
Introduced
01/13/2026
01/13/2026
In Committee
01/13/2026
01/13/2026
Crossed Over
Passed
Dead
Introduced Session
2026-2027 Regular Session
Bill Summary
This bill increases the statutorily set dollar amounts for property tax exemptions and abatements permitted for improvements to certain dwelling units under the "Five-Year Exemption and Abatement Law." Under current law, a municipality may adopt an ordinance exempting from taxation the first $5,000, $15,000, or $25,000 of the value of improvements to certain dwelling units that are more than 20 years old. However, this exemption does not apply to improvements that are made to a multiple dwelling unit. This bill triples the statutorily authorized exemption amounts to the first $15,000, $45,000, or $75,000 of the value of improvements to these dwelling units.
AI Summary
This bill amends the "Five-Year Exemption and Abatement Law" to significantly increase the property tax exemption amounts for eligible improvements made to older dwelling units, specifically those more than 20 years old. Under the current law, municipalities can offer exemptions on the first $5,000, $15,000, or $25,000 of an improvement's value, but this does not apply to multiple dwelling units. This bill triples these exemption amounts, allowing municipalities to offer exemptions on the first $15,000, $45,000, or $75,000 of an improvement's value, thereby encouraging more substantial renovations and potentially benefiting a wider range of property owners.
Committee Categories
Housing and Urban Affairs
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee (on 01/13/2026)
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/2026/S1921 |
| BillText | https://pub.njleg.gov/Bills/2026/S2000/1921_I1.HTM |
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