NJ
New Jersey Assembly Bill ACR155
New Jersey 2024-2025 Regular Session
Menu
NJ

New Jersey 2024-2025 Regular Session

New Jersey Assembly Bill ACR155

Caption

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

Impact

If enacted, ACR155 would require the New Jersey Legislature to implement a property tax exemption statute. This statute would allow eligible homeowners to benefit from decreased tax liabilities during the specified exemption period, providing an incentive for individuals to undertake home renovations and improvements. This could positively impact the housing market by enhancing property values and encouraging local economic activity through increased construction and renovation projects.

Summary

Assembly Concurrent Resolution No. 155 (ACR155) is a proposed constitutional amendment introduced in the New Jersey Legislature that seeks to authorize a temporary property tax exemption for homeowners on the increased value of their principal residences resulting from taxable improvements. This exemption is intended to provide financial relief to homeowners who invest in enhancing their properties, aligning state property tax policies with the aspirations of individuals looking to improve their living conditions. Under this resolution, the total exemption would not exceed $100,000 in assessed value and would be applicable for a maximum of three consecutive tax years.

Contention

There are likely to be discussions around the potential implications of ACR155 regarding public revenue. Opponents could argue that such temporary tax exemptions may lead to a decrease in available funds for essential community services, as property taxes are a significant source of funding for local governments. Additionally, questions may arise about the fairness of such exemptions, as they would apply only to specific homeowners making improvements, potentially creating disparities between those who are able to invest in their properties and those who are not.

Companion Bills

No companion bills found.

Previously Filed As

NJ ACR122

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

NJ SCR74

Proposes constitutional amendment to limit assessment of homestead real property, and allow exemption on up to $50,000 of home's value.

NJ ACR52

Proposes constitutional amendment to limit assessment of homestead real property, and allow exemption on up to $50,000 of home's value.

NJ SJR84

Proposing a constitutional amendment to authorize the legislature to provide for a temporary exemption from ad valorem taxation of the appraised value of an improvement to a residence homestead that is completely destroyed by a fire.

NJ ACR101

Proposes constitutional amendment to limit assessment of homestead real property.

NJ HJR139

Proposes a constitutional amendment that authorizes a real property tax exemption for certain senior citizens

NJ HJR115

Proposes a constitutional amendment authorizing a disabled veteran homestead exemption

NJ HJR106

Proposing a constitutional amendment authorizing a local option exemption from ad valorem taxation of all or part of the appraised value of the residence homesteads of certain peace officers.

NJ HB266

Authorize temporary property tax credit for certain homesteads

NJ SCR114

Proposes constitutional amendment to allow lower property tax rate on improvements than on land.

Similar Bills

TX HB9

Relating to an exemption from ad valorem taxation of a portion of the appraised value of tangible personal property that is held or used for the production of income.

NJ S2025

Increases gross income tax relief based on rent constituting property taxes for residential tenants and establishes refundable gross income tax credit in place of gross income tax deduction for residential tenants.

NJ A2680

Increases gross income tax relief based on rent constituting property taxes for residential tenants and establishes refundable gross income tax credit in place of gross income tax deduction for residential tenants.

NJ A2684

Increases, from 18 percent to 30 percent, amount of rent constituting property taxes for purposes of gross income tax deduction for certain tenants.

FL S1510

Homestead Property Exemptions and Assessment Limitation

NJ A2656

Increases, from 18 percent to 30 percent, amount of rental payments defined as rent constituting property taxes for purposes of deduction from gross income for property tax payments.

NJ SCR101

Proposes constitutional amendment to provide property tax exemption for primary residence owned and occupied by surviving spouse of first responder who dies in line of duty.

NJ ACR86

Proposes constitutional amendment to provide property tax exemption for primary residence owned and occupied by surviving spouse of first responder who dies in line of duty.