Proposes constitutional amendment to limit assessment of homestead real property.

ACR 87 proposes a constitutional amendment to limit annual property tax increases for primary residences (homestead property) in New Jersey. If approved by voters, it would require the Legislature to pass a law capping annual assessment increases at the lower of 3% or the Consumer Price Index (CPI) change. This limit would apply to homes used as owners' principal residences, including properties held via life estates, 99-year leases, or as the residential portion of mixed-use properties. The cap would reset to current market value upon a change of ownership, with reassessment occurring annually after the initial valuation. The amendment does not change current tax rates but restricts how much a home's assessed value can rise each year.