A5456

Increases property tax exemption amounts for improvements to single dwelling units under New Jersey's "Five-Year Exemption and Abatement Law.

This bill increases the statutory property tax exemption amounts for improvements to single dwelling units under New Jersey's "Five-Year Exemption and Abatement Law." It raises the exemption amounts from $5,000, $15,000, or $25,000 to $15,000, $45,000, or $75,000, respectively. The exemption applies to improvements made to single dwelling units more than 20 years old, provided the improvements do not increase the property's value. The bill also allows for abatements of up to 30% of the total cost of the improvements over a five-year period.