Proposes constitutional amendment to authorize temporary property tax exemption for value of certain homestead improvements.

This bill proposes a constitutional amendment to allow New Jersey homeowners to temporarily exclude the value of certain home improvements from property taxes. It would require the state legislature to create a law granting a tax exemption covering up to $100,000 in assessed value for improvements made to a homeowner's principal residence, applicable for no more than three consecutive tax years. Homeowners would still pay taxes on the property's value before improvements and on any improvements exceeding $100,000. The exemption would apply only to the increase in value from the improvements, not the entire property. This proposal must first be approved by voters before the legislature can enact the implementing law.