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

ACR 25 is a proposed constitutional amendment that would limit annual property tax increases for primary residences in New Jersey and create a tax exemption on the first $50,000 of a home's assessed value. If approved by voters, it would require the state legislature to: (1) cap annual increases in a home's assessed value at 3% or the Consumer Price Index (whichever is lower), and (2) provide full property tax exemption for the first $25,000 of assessed value, plus exemption from non-school taxes on the next $25,000 ($25,000-$50,000). This would directly affect homeowners using their property as a principal residence, particularly impacting annual tax bills tied to property value changes. The amendment is not yet law and requires voter approval at the next general election.