NJ ACR52

Annual property assessment increases for primary residences (homestead property) would be capped at the lower of 3% or the Consumer Price Index rate

Upon change of ownership, homes would be reassessed at true market value as of January 1 of the following year, with the annual cap limits resuming thereafter

Full property tax exemption on the first $25,000 of assessed value for homestead properties

Exemption from non-school district property taxes on value between $50,000 and $75,000 (the "third $25,000" of assessed value)

Constitutional amendment requires voter approval at a general election and subsequent implementing legislation by the Legislature