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Bill > ACR122
NJ ACR122
NJ ACR122Proposes constitutional amendment to authorize temporary property tax exemption for value of certain homestead improvements.
summary
Introduced
02/19/2026
02/19/2026
In Committee
02/19/2026
02/19/2026
Crossed Over
Passed
Dead
Introduced Session
2026-2027 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 an amendment to the New Jersey Constitution that would require the Legislature to create a law offering a temporary property tax exemption for homeowners who make certain improvements to their principal residence. This exemption would be based on the increased assessed value of the home due to these improvements, but it would not exceed $100,000 of that increased value and would only last for a maximum of three consecutive tax years. The purpose is to encourage homeowners to invest in their properties by temporarily reducing their property tax burden on the value of those specific improvements.
Committee Categories
Government Affairs
Sponsors (1)
Last Action
Introduced, Referred to Assembly State and Local Government Committee (on 02/19/2026)
Official Document
bill text
bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2026/ACR122 |
| BillText | https://pub.njleg.gov/Bills/2026/ACR/122_I1.HTM |
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