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.
ACR 84 proposes a constitutional amendment requiring New Jersey property tax assessors to reduce the assessed value of a homeowner's primary residence when they add living space specifically for eligible senior relatives. It directly affects homeowners who construct or reconstruct additions to house parents, grandparents, aunts, or uncles aged 62 or older. The tax reduction equals the cost of the addition or 20% of the property's total assessed value - whichever is lower - and applies from the tax year after voter approval until the last qualifying relative moves out or passes away. This policy change would automatically lower property taxes for qualifying homeowners without requiring additional applications or approvals.
SCR 104 proposes a constitutional amendment to increase New Jersey's veterans' property tax deduction from $250 to $500 annually, phased in over time starting in 2027. The deduction would rise to $300 in 2027, $350 in 2028, $400 in 2029, $450 in 2030, and $500 beginning in 2031. It directly affects honorably discharged veterans, their surviving spouses (including those whose spouses died on active duty), and veterans living in continuing care retirement communities. The amendment requires voter approval after legislative passage to become law.
This bill modifies property tax exemption rules for urban renewal projects. Urban renewal entities must pay an annual service charge to the municipality instead of property taxes for exempt properties. The municipality is required to remit a portion of this service charge to the county. This ensures counties receive revenue from properties that would otherwise generate no local property tax revenue. The policy applies to all urban renewal projects covered under the existing tax exemption program.
ACR 39 proposes a constitutional amendment to adjust New Jersey veterans' property tax deductions annually based on inflation. It would replace the current fixed $250 deduction (effective through 2025) with a formula that increases the deduction each year according to the Consumer Price Index (CPI), starting in 2026. This change would directly affect honorably discharged veterans and their surviving spouses who qualify for the current deduction, ensuring the benefit keeps pace with inflation without decreasing. The amendment requires voter approval after legislative passage and would apply to both real and personal property taxes.
This bill creates a "Highlands Protection Fund" to provide property tax relief to residents in New Jersey municipalities affected by environmental protections in the Highlands region. The fund, financed by state revenues and interest, will support the "Highlands Property Tax Stabilization Fund" that distributes payments to qualifying municipalities based on a decline in vacant land values. These payments help reduce property taxes for residents by compensating for financial losses caused by environmental regulations, as determined by a board of tax experts using specific valuation calculations.
This bill freezes state spending for Fiscal Year 2027 at 2026 levels for specific funds, including the State General Fund, Property Tax Relief Fund, Casino Control Fund, Casino Revenue Fund, and Gubernatorial Elections Fund. Any revenue collected in FY2027 exceeding the 2026 total must be deposited into the Debt Defeasance and Prevention Fund in 2028. The requirement does not apply to federal revenue or constitutionally dedicated state revenue. The bill takes effect immediately and expires on July 1, 2028.
This bill requires New Jersey municipal assessors to conduct periodic reassessments of all real property to ensure the ratio of assessed value to market value stays between 90% and 110% for every tax year. If the ratio falls outside this range, assessors must perform a reassessment to correct it. Assessors must annually certify compliance with this ratio to the Division of Taxation, and failure to do so constitutes "good cause" for removal from office. The bill directly affects municipal assessors and homeowners, as it aims to align property tax assessments more closely with current market values.
This bill requires municipalities and school districts to report annually how much they pay employees for unused sick leave or vacation time upon retirement. The state will then reduce the following year's state aid - such as property tax relief funds - by that exact amount for each entity. It directly affects local governments and school districts that provide retirement benefits for accumulated absences. The policy change ensures state aid isn't used to cover these retirement payments, shifting the cost to the local entity's budget.
This bill provides supplemental funding from New Jersey's Property Tax Relief Fund to the Department of Education to ensure certain school districts receive at least the same total state aid in the 2021-2022 school year as they did in 2017-2018. It directly affects five named districts (Old Bridge, Freehold, Manalapan-Englishtown, Millstone) plus any district with below-average property valuation per pupil or income per pupil compared to the state average. The key mechanism is a supplemental appropriation to offset potential aid reductions, targeting districts that historically received lower state support. Over 100 districts may qualify under the eligibility criteria, including examples like New Hanover and Roosevelt. The funding is contingent on the 2022 budget being enacted.
