Increase 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 statutorily allowed exemption thresholds from $5,000/$15,000/$25,000 to $15,000/$45,000/$75,000 per dwelling unit for the first five years after improvements. Homeowners making qualifying renovations to eligible older single-family homes would benefit from reduced property tax assessments during this period. The law maintains a 30% annual abatement limit on the exemption amount but does not change the five-year exemption duration or apply to multi-unit buildings.