Proposes constitutional amendment to limit assessment of homestead real property.

ACR 101 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 state legislature to cap annual assessment increases at the lower of 3% or the Consumer Price Index (CPI) change, whichever is lower. This applies to properties used as the owner's principal residence, resetting to current market value upon ownership change. The amendment must be approved by voters before taking effect, as it requires constitutional change.