Increases statutory property tax exemption amounts for improvements to dwelling units under "Five-Year Exemption and Abatement Law."

This bill triples the maximum property tax exemption amounts for improvements to single-family homes over 20 years old under New Jersey's Five-Year Exemption and Abatement Law. It increases the statutory limits from $5,000/$15,000/$25,000 to $15,000/$45,000/$75,000 for the value of improvements considered when calculating property taxes. Homeowners making qualifying renovations to eligible older single-family dwellings will benefit from higher tax exemptions for five years, with municipalities able to set the new higher thresholds in local ordinances. The change applies only to single dwelling units (not multi-family properties) and maintains the existing 30% annual abatement limit on assessed value.