Proposed constitutional amendment to limit annual assessment increases for homestead real property in New Jersey.
This proposed constitutional amendment would require the Legislature to place a limit on annual assessment increases for homestead real property. Homestead real property, which is the principal residence of the owners of the property, would be assessed at its market value as of October 1 next following the approval by the voters of this proposed amendment, and would then be reassessed annually thereafter according to law. Any annual increase in the assessed value of the property would be limited to 3% or the Consumer Price Index rate, whichever is lower.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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