Bill Text: NJ ACR155 | 2024-2025 | Regular Session | Introduced

New Jersey Assembly Concurrent Resolution 155 (Prior Session Legislation)

Introduced

Bill Title: Proposes constitutional amendment to authorize temporary property tax exemption for value of certain homestead improvements.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Introduced - Dead) 2025-02-20 - Introduced, Referred to Assembly State and Local Government Committee [ACR155 Detail]

Download: New_Jersey-2024-ACR155-Introduced.html

ASSEMBLY CONCURRENT RESOLUTION No. 155

STATE OF NEW JERSEY

221st LEGISLATURE

INTRODUCED FEBRUARY 20, 2025

Sponsored by:

Assemblywoman JESSICA RAMIREZ

District 32 (Hudson)

SYNOPSIS

Proposes constitutional amendment to authorize temporary property tax exemption for value of certain homestead improvements.

CURRENT VERSION OF TEXT

As introduced.

A Concurrent Resolution proposing to amend Article VIII, Section I of the New Jersey Constitution by adding a new paragraph 8.

Be It Resolved by the General Assembly of the State of New Jersey (the Senate concurring):

1. The following proposed amendment to the New Jersey Constitution is hereby agreed to:

PROPOSED AMENDMENT

Amend Article VIII, Section I by adding a new paragraph 8 to read as follows:

8. The Legislature shall enact a homestead improvement property tax exemption statute granting a temporary exemption from property taxation for the principal residence of a homeowner based on the increase in the assessed value of the homeowner's principal residence resulting from taxable improvements made to the property. The exemption shall not exceed $100,000 in the assessed value of the improvements and the exemption shall be granted for no more than three consecutive tax years.

2. When this proposed amendment to the Constitution is finally agreed to pursuant to Article IX, paragraph 1 of the Constitution, it shall be submitted to the people at the next general election occurring more than three months after the final agreement and shall be published at least once in at least one newspaper of each county designated by the President of the Senate, the Speaker of the General Assembly and the Secretary of State, not less than three months prior to the general election.

3. This proposed amendment to the Constitution shall be submitted to the people at that election in the following manner and form:

There shall be printed on each official ballot to be used at the general election, the following:

a. In every municipality in which voting machines are not used, a legend which shall immediately precede the question as follows:

If you favor the proposition printed below make a cross (X), plus (+), or check (a) in the square opposite the word "Yes." If you are opposed thereto make a cross (X), plus (+) or check (a) in the square opposite the word "No."

b. In every municipality the following question:

		CONSTITUTIONAL AMENDMENT REQUIRING ENACTMENT OF TEMPORARY HOMESTEAD IMPROVEMENT PROPERTY TAX EXEMPTION
	YES	Do you approve amending the State Constitution to give a temporary property tax exemption for the value of certain home improvements? The Legislature would be required to enact a law granting the exemption. The exemption would only apply to the principal residence of a taxpayer. The exemption would be based on the assessed value of the improvements, not to exceed $100,000. A taxpayer could claim the exemption for no more than three consecutive tax years.
		INTERPRETIVE STATEMENT
	NO	This proposed amendment would exempt the value of certain home improvements from property taxes for a limited time. The Legislature would be required to enact a law granting the exemption. A homeowner could only claim the exemption for a property that is their principal residence. The amount of the exemption would equal the assessed value of improvements to the property, not to exceed $100,000. A taxpayer could claim the exemption for no more than three consecutive tax years. The temporary exemption would mean that a homeowner is not required to pay property taxes based on the assessed value of certain home improvements. During that period, the homeowner would still be required to pay property taxes based on the assessed value of the property before the home improvements were made. A homeowner would also be required to pay property taxes on the assessed value of any home improvements over $100,000.

STATEMENT

If approved by the voters of the State, this proposed amendment to the New Jersey Constitution would require the Legislature to enact a homestead improvement property tax exemption statute. The statute would entitle homeowners to a temporary property tax exemption based on the increase in the assessed value of a homeowner's principal residence resulting from taxable improvements made to the property. The total amount of the exemption could not exceed $100,000 of the assessed value of the improvements. The duration of the exemption would be for no more than three consecutive tax years.