NJ SCR83

Proposes a constitutional amendment requiring property tax assessors to reduce assessed values for homeowners who construct or reconstruct living quarters for senior citizen relatives aged 62 or older.

Eligible relatives include natural or adoptive parents, grandparents, aunts, or uncles of the property owner or the owner's spouse.

Assessment reduction is capped at the lesser of the actual increase in assessed value from construction or 20% of the total assessed value of the improved property.

The reduction applies only to construction completed after voter approval and terminates upon the death or relocation of the last qualifying senior relative residing in the living quarters.

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.