NJ ACR87

Proposes amending the New Jersey Constitution to cap annual property tax assessment increases for homestead properties (principal residences) at the lower of 3% or the Consumer Price Index rate

Homestead properties would be assessed at true market value as of October 1 following voter approval, then reassessed annually with the cap applied to any increases

Upon change of ownership, the property would be reset to true market value as of October 1 following the sale, with the annual cap restrictions resuming thereafter

"Owner" definition includes those holding a life estate, life tenancy, lifetime right, 99-year lease, or ownership of the residential portion of a mixed-use property

If approved by the Legislature, the amendment would be placed on a general election ballot for voter approval