Loading chat...

NJ ACR101

Concurrent Resolution

Official Source

Status

Introduced

1/13/2026

Primary Sponsor

Louis Greenwald

Click for details

Origin

General Assembly

2026-2027 Regular Session

AI Summary

  • Proposes amending the New Jersey Constitution to cap annual property tax assessment increases on 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 subject to the annual cap on reassessment increases
  • Upon change of ownership, property resets to full market value assessment, after which the annual increase cap applies again
  • "Owner" definition includes life estate holders, life tenants, those with lifetime rights, 99-year leaseholders, and owners of residential portions of mixed-use properties
  • Requires voter approval at a general election and subsequent legislative implementation

Legislative Description

Proposes constitutional amendment to limit assessment of homestead real property.

Housing

Last Action

Introduced, Referred to Assembly Housing Committee

1/13/2026

Committee Referrals

Housing1/13/2026

Full Bill Text

No bill text available