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

ACR122

ASSEMBLY CONCURRENT RESOLUTION No. 122

STATE OF NEW JERSEY

222nd LEGISLATURE

�

INTRODUCED FEBRUARY 19, 2026

Sponsored by:

Assemblyman� LOUIS D. GREENWALD

District 6 (Burlington and Camden)

SYNOPSIS

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

CURRENT VERSION OF TEXT

���� As introduced.

��

A
Concurrent Resolution

proposing to
amend Article VIII, Section I of the New Jersey Constitution by adding a new
paragraph 8.

����
Be It
Resolved
by the General Assembly of the State
of New Jersey (the Senate concurring):

���� 1.� The following proposed
amendment to the New Jersey Constitution is hereby agreed to:

PROPOSED
AMENDMENT

���� Amend Article VIII, Section I
by adding a new paragraph 8 to read as follows:

���� 8.� The Legislature shall
enact a homestead improvement property tax exemption statute granting a
temporary exemption from property taxation for the principal residence of a
homeowner based on the increase in the assessed value of the homeowner�s
principal residence resulting from taxable improvements made to the property.�
The exemption shall not exceed $100,000 in the assessed value of the
improvements and the exemption shall be granted for no more than three
consecutive tax years.

���� 2.� When this proposed
amendment to the Constitution is finally agreed to pursuant to Article IX,
paragraph 1 of the Constitution, it shall be submitted to the people at the
next general election occurring more than three months after the final
agreement and shall be published at least once in at least one newspaper of
each county designated by the President of the Senate, the Speaker of the
General Assembly and the Secretary of State, not less than three months prior
to the general election.

���� 3.� This proposed amendment to
the Constitution shall be submitted to the people at that election in the
following manner and form:

���� There shall be printed on each
official ballot to be used at the general election, the following:

���� a. In every municipality in
which voting machines are not used, a legend which shall immediately precede
the question as follows:

���� If you favor the proposition
printed below make a cross (X), plus (+), or check (
a
) in the square opposite the word "Yes." If you are
opposed thereto make a cross (X), plus (+) or check (
a
) in the square opposite the
word "No."

���� b. In
every municipality the following question:

CONSTITUTIONAL
AMENDMENT REQUIRING ENACTMENT OF TEMPORARY HOMESTEAD IMPROVEMENT PROPERTY TAX
EXEMPTION

YES

��� Do you approve amending the
State Constitution to give a temporary property tax exemption for the value
of certain home improvements?� The Legislature would be required to enact a
law granting the exemption.

��� The exemption would only
apply to the principal residence of a taxpayer.� The exemption would be based
on the assessed value of the improvements, not to exceed $100,000.

��� A taxpayer could claim the
exemption for no more than three consecutive tax years.

INTERPRETIVE
STATEMENT

��� NO

��� This proposed amendment would
exempt the value of certain home improvements from property taxes for a
limited time.� The Legislature would be required to enact a law granting the
exemption.

��� A homeowner could only claim
the exemption for a property that is their principal residence.� The amount
of the exemption would equal the assessed value of improvements to the
property, not to exceed $100,000.� A taxpayer could claim the exemption for
no more than three consecutive tax years.

��� The temporary exemption would
mean that a homeowner is not required to pay property taxes based on the
assessed value of certain home improvements.� During that period, the
homeowner would still be required to pay property taxes based on the assessed
value of the property before the home improvements were made.� A homeowner
would also be required to pay property taxes on the assessed value of any
home improvements over $100,000.

STATEMENT

���� If approved by the voters of
the State, this proposed amendment to the New Jersey Constitution would require
the Legislature to enact a homestead improvement property tax exemption
statute.� The statute would entitle homeowners to a temporary property tax
exemption based on the increase in the assessed value of a homeowner�s
principal residence resulting from taxable improvements made to the property.�
The total amount of the exemption could not exceed $100,000 of the assessed
value of the improvements.� The duration of the exemption would be for no more
than three consecutive tax years.