New Jersey ACR52 proposes a constitutional amendment to limit annual property tax assessments on homesteads and provide exemptions.
New Jersey ACR52 proposes a constitutional amendment to limit annual increases in the value of a person's primary home for property tax purposes. The amendment would cap the annual increase at the lower of three percent or the Consumer Price Index rate. When a homestead changes ownership, it would be assessed at true value as of January 1 of the next year, with the increase limits applying thereafter.
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