Bill Text: NJ S4234 | 2026-2027 | Regular Session | Introduced
Bill Title: Establishes homestead exemption against forced sale for certain persons in debt.
Sponsorship: Partisan Bill (Democrat 1)
Status: (Introduced) 2026-05-14 - Introduced in the Senate, Referred to Senate Commerce Committee [S4234 Detail]
Download: New_Jersey-2026-S4234-Introduced.html
Sponsored by:
Senator BENJIE E. WIMBERLY
District 35 (Bergen and Passaic)
SYNOPSIS
Establishes homestead exemption against forced sale for certain persons in debt.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning certain exemptions from debt execution and supplementing Title 2A of the New Jersey Statutes
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. As used in this act:
"Condominium" means the same as defined pursuant to section 3 of the "Condominium Act," P.L.1969, c.257 (C.46:8B-3).
"Dwelling house" means any residential property assessed as real property, but the term shall not include a unit in a condominium or a horizontal property regime.
"Homestead" means any of the following if it is the principal residence of the owner or the owners' family members:
(1) a dwelling house and the land on which that dwelling house is located;
(2) a condominium unit or a unit in a horizontal property regime; or
(3) a manufactured home as defined pursuant to section 2 of P.L.1990, c.61 (C.54:4-8.58), including the land on which the manufactured home is situated.
Notwithstanding section 2 of P.L.1990, c.61 (C.54:4-8.58), manufactured homes constructed before 1974 shall be included in the definition of homestead even if they were not manufactured in accordance with the National Manufactured Housing Construction and Safety Standards Act of 1974.
"Horizontal property regime" means the form of real property ownership provided for under the "Horizontal Property Act," P.L.1963, c.168 (C.46:8A-1 et seq.).
"Owner" means, but is not limited to, a natural person who is a sole owner, joint tenant, tenant by the entirety, tenant in common, life estate holder, a holder of a beneficial interest in a trust, a purchaser under a deed of trust, mortgage, or contract, or a holder of a remainder interest.
"Principal residence" means a homestead occupied by the owner or a member of the owner's immediate family as the owner's or family's primary residence, as distinguished from a vacation home, property owned and rented or offered for rent by the owner, and other secondary real property holdings.
2. a. Any owner may exempt an interest in a homestead from attachment, execution, and forced sale issued on judgments obtained in any court of record in this State except for the Superior Court, Law Division, Criminal Part, up to an amount of $250,000, or $500,000 if the owner is married. The amount that an owner may exempt pursuant to this subsection shall be based upon the equity value of the homestead.
b. An owner who is entitled to a homestead exemption shall hold that exemption by operation of law and no written claim or recording shall be required.
3. a. A homestead exemption may be abandoned by a:
(1) declaration of abandonment or waiver;
(2) transfer of the homestead property by deed of conveyance; or
(3) permanent removal of the owner as a resident of this State.
b. A declaration of abandonment or waiver pursuant to paragraph (1) of subsection a. of this section shall be executed by the owner and acknowledged. A declaration of abandonment or waiver is effective from the time of its recording in the office of the county clerk.
4. This act shall take effect on January 1, 2027.
STATEMENT
This bill establishes a homestead exemption against forced sale for certain persons in debt.
Under the bill, any owner of a homestead may exempt an interest in the homestead from attachment, execution, and forced sale issued on judgments obtained in any court of record in this State except for the Superior Court, Law Division, Criminal Part, up to an amount of $250,000, or $500,000 if the owner is married. The amount that an owner may exempt will be based upon the equity value of the homestead. An owner who is entitled to a homestead exemption will hold that exemption by operation of law and no written claim or recording will be required.
The bill additionally provides that a homestead exemption may be abandoned by a:
(1) declaration of abandonment or waiver;
(2) transfer of the homestead property by deed of conveyance; or
(3) permanent removal of the owner as a resident of this State.
A declaration of abandonment or waiver will be executed by the owner and acknowledged. A declaration of abandonment or waiver is effective from the time of its recording in the office of the county clerk.
