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

This bill proposes a constitutional amendment to limit annual increases in property tax assessments for primary residences (homesteads) and create tax exemptions. It would require homestead properties to be reassessed annually at true market value, but cap yearly increases at either 3% of the prior year's value or the Consumer Price Index change (whichever is lower). The amendment also establishes two tax exemptions: full exemption on the first $25,000 of assessed value, and exemption from non-school taxes on the next $25,000 of value. This would directly affect New Jersey homeowners using their property as a primary residence, requiring voter approval to take effect.