NJ ACR127

Proposes amending the New Jersey State Constitution to cap annual increases in real property assessed 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.

Exempts properties from the 2% cap upon change of ownership or when farmland is converted from agricultural/horticultural use, triggering a full reassessment at current market value.

Applies to all real property including farmland previously assessed at preferential agricultural-use valuations.

If approved by the Legislature, the amendment would be placed on the next general election ballot occurring more than three months after final legislative agreement.