NJ ACR25

Proposes a constitutional amendment to cap annual property assessment increases for primary residences at 3% or the Consumer Price Index rate, whichever is lower

Homestead properties would be assessed at true market value upon voter approval, then reassessed annually on January 1 with the increase cap applied

When a home changes ownership, it would be reassessed at full market value as of January 1 of the following year, then the annual cap would resume

Creates a full property tax exemption on the first $25,000 of assessed value for primary residences

Provides an exemption from non-school district property taxes on the third $25,000 of assessed value (covering value between $50,000 and $75,000)