NJ ACR164

Proposes amending the New Jersey State Constitution to cap annual increases in assessed property values at 2% per year for property tax purposes

Requires all real property to be reassessed as of October 1 following voter approval of the amendment, establishing a new baseline value

Resets the assessment cap following a change of ownership of any property or when farmland assessed under agricultural use provisions is converted to non-agricultural use

After a change of ownership or farmland use change, property must be reassessed as of October 1 of the following year, then becomes subject to the 2% annual cap going forward

Directs the Legislature to enact implementing laws that define what constitutes a "change of ownership" and other necessary provisions