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NJ SCR74
Concurrent Resolution
Status
Introduced
1/28/2026
Primary Sponsor
Jon Bramnick
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AI Summary
- Proposes a constitutional amendment to cap annual property tax assessment increases on primary residences at the lower of 3% or the Consumer Price Index rate
- Requires homestead properties to be reassessed at full market value upon change of ownership, after which the assessment increase limits would resume applying
- Creates a full property tax exemption on the first $25,000 of assessed value for homestead properties
- Provides an exemption from non-school district property taxes on assessed value between $50,000 and $75,000 (the "third $25,000")
- Assessment increase limitations would not apply to added assessments resulting from property improvements
Legislative Description
Proposes constitutional amendment to limit assessment of homestead real property, and allow exemption on up to $50,000 of home's value.
Community and Urban Affairs
Last Action
Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee
1/28/2026
Committee Referrals
Community and Urban Affairs1/28/2026
Full Bill Text
No bill text available